Global finance leaders believe that the global economy is likely to pull out of its brief growth slump in the latter half of 2019.

Gathered at the spring meetings of the International Monetary Fund and the World Bank in Washington, the chiefs of the G20 nations collectively agreed that the global economy has lost momentum this year. But they expect growth to pick up in the second half of 2019, as central bankers ease up on interest rates.

However, they feel that the trade standoff between the United States and China continues to dim the economic outlook.

"We must be mindful of an escalation of trade tensions," Japanese Finance Minister Taro Aso told reporters of the Associated Press on Friday. Japan holds the chairmanship of the Group of 20 major economies, also known as G-20.

The leaders said the economic growth slump, that started at the end of last year and dragged into 2019, was a result of heightened trade tensions, turbulent financial markets, and rising interest rates.

Earlier, in its 'World Economic Outlook,' the IMF had lowered the global growth forecast from 3.6 percent to 3.3 for 2019, the slowest since the recession of 2009. However, it expects growth to return to 3.6 percent in 2020.

Head of Bank of Japan, Haruhiko Kuroda, told reporters of the Associated Press that while IMF's projections are "highly likely," all the countries would need to do their part to boost growth.