ICYMI – Fitch Ratings “deeply and widely cuts global GDP forecasts”

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The rating agency Fitch published its latest global economic outlook (GEO) on Wednesday.

Highlights (not the right word, but still):

  • expects global GDP to grow 2.4% in 2022 – revised down 0.5pp since June GEO – and just 1.7% in 2023, down 1%
  • the euro zone and the UK are now expected to enter recession later this year
  • the United States will experience a mild recession in mid-2023
  • “We’ve had something of a perfect storm for the global economy in recent months, with the gas crisis in Europe, a sharp acceleration in interest rate hikes and a deepening housing crisis in China.”
  • Forecasts now assume a complete or almost complete closure of the Russian gas pipeline to Europe.

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