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And even what bona fide domestic demand is left is likely to be affected by a trade slowdown.
"The World Bank also notes that the agreement could be an important counterweight to the post-GFC global trade slowdown.
"The global trade slowdown and a lack of productive investment have sharpened the deep divides between those who have benefited from globalisation, and those who continue to feel left behind," he said.
"Downside risks arise from delays in addressing bank asset quality, intensified global financial market volatility – including from Brexit, the global trade slowdown weighing on exports, and the refugee influx and security threats that could further complicate policymaking," said the IMF.
Supachai Panitchpakdi, the director general of the W.T.O., said a war could have a devastating practical impact as the world grapples with a trade slowdown, rising oil prices and rising costs for transportation and insurance.
The trade slowdown also contributed to China's worst first-quarter growth figures for six years, which suggested that the country's economy only expanded at an annualised rate of 7% over the period.Nokia announced that it had struck a deal to buy Alcatel-Lucent.
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Among the risers, Burberry has recovered 38p to £11.96 following Thursday's falls on signs of a trading slowdown.
UBS Investment Bank said in a research note that Greene King had seen a "partial trading slowdown" but was in line with expectations overall.
Though the trading slowdown in fixed income hit HSBC's investment bank less than some of its peers, bad debts remain stubbornly high and pretax profit in Europe was hit by euro zone woes.
DealBook » Failed Deal Weighs on NYSE Euronext Profit | The exchange operator NYSE Euronext said its first-quarter profit fell 44 percent, affected by a trading slowdown and costs related to its failed deal with Deutsche Börse, Bloomberg News reports.
A trade-slowdown of at least 8.1 per cent in exports to China, to be precise.
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