Central banks globally like the Federal Reserve, European Central Bank, Bank of England and Bank of Japan, stand prepared to provide additional monetary policy support in an attempt to stem flailing growth. While these measures might be effective in containing downside risks, they will certainly not be sufficient to fuel a recovery. The market expects that due to the rise in trade tensions the Fed is likely to cut interest rates twice this calendar year instead of the earlier expected one rate cut. The interest rate curves in most developed market are pointing to a slowdown. German bonds and Swiss bonds yields have turned negative. In the US and UK, the yield curve has inverted. These can be construed as the early signs of an impending global recession. Gold prices are at multi-year high and copper prices, indicative of industrial growth, are down. Oil prices have also been languishing below USD 60, despite tensions in the Middle East. Commodity prices are expected to soften further in 2020. As commodity exporters’ revenues are compressed by weak prices their contribution to world trade growth will diminish.