Global Economy to Experience Slowdown, Says Fitch Ratings
Fitch Ratings Increases Global Economic Growth Forecast
According to Fitch Ratings’ “Global Economic Outlook” report, there has been an increase in the growth forecast for the global economy for this year, rising from 2.5 percent to 2.9 percent. However, it was also noted that the growth of the world economy is expected to decrease to 2.1 percent next year.
The report highlighted that the effects of monetary tightening are anticipated in the near future, and that issues in the housing sector in China and stagnation in the Eurozone may have repercussions on global growth in 2024.
Specifically for the Turkish economy, the report indicated an expected growth of 4.1 percent this year and 2.5 percent next year. It also projected the inflation rate in Turkey to be 6.5 percent by the end of this year, decreasing to 3.8 percent by the end of next year.
In addition, Fitch Ratings’ report included the expectation that the US economy would grow by 2.4 percent at the end of 2023 and 1.2 percent next year. As for China, the report noted an expected growth of 5.3 percent at the end of this year and 4.6 percent next year.
Furthermore, the report stated that the European Union (EU) economy is anticipated to grow by 0.5 percent in 2023 and 0.7 percent next year, while the British economy is predicted to grow by 0.5 percent this year and 0.3 percent in 2024. Lastly, the growth of developing economies is expected to be 4.6 percent this year and 3.9 percent next year.
