Fitch Ratings provided a gloomy global economic outlook amid rising inflation, courtesy of the war between Russia and Ukraine, which has fueled oil prices.
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“Fitch Ratings has cut its global GDP growth forecast for 2022 by 0.7% to 3.5%“
“The Eurozone GDP growth slowed at 1.5% to 3.0% and United States at 0.2% to 3.5%.”
“We have reduced our global growth forecast in 2023 by 0.2% to 2.8%“.
“This reflects the drag from rising energy prices and a faster pace of US interest rate hikes than anticipated.”
“Global inflation is back with a vengeance after an absence of at least two decades. This is beginning to feel like a moment of inflation regime change.”
Source: Fx Street
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