Fitch Ratings “deep and wide cuts to global GDP forecasts”

  • expects world GDP to grow by 2.4% in 2022 – revised down by 0.5pp since the June GEO – and by just 1.7% in 2023, a cut of 1%
  • eurozone and UK are now expected to enter recession later this year
  • the US will suffer 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 property slump in China”
  • The forecast now assumes a full or near complete shut-off of Russian pipeline gas to Europe.

Fitch rating agency revises Australia's outlook to negative (was previoulsy 'stable'), affirms ratin

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