The International Monetary Fund (IMF) has warned that escalating trade tensions could undermine global economic growth.

In a new report on the world economic outlook, the IMF also warns of risks from a no-deal Brexit- as the World Economic Forum begins.

For the world economy, the IMF is now predicting growth of 3.5% in 2019 after forecasting 3.7% in October.

Last week IMF managing director Christine Lagarde told Financial Director she was “moderately negative” about prospects for the world economy.

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Tech giant Google has become the first to be fined under the EU’s new privacy rules, after it was hit with a €50m penalty for failing to be transparent about how it uses data and not having a legal basis for personalising ads.