New York-SANA
Fitch Ratings lowered its forecast for global gross economic product growth for 2023 from 1.7 to 1.4 percent.
The agency stated in a report published on its official website about global economic prospects that the global GDP forecast for 2023 was revised down once again, with central banks intensifying their battle against inflation, which is escalating with the rise in energy prices and production costs.
The agency lowered its forecast for US economic growth for 2023 from 0.5 to 0.2 percent, with an increase in the pace of monetary tightening policy by the US Federal Reserve. It also lowered its forecast for Chinese GDP growth from 4.5 to 4.1 percent, due to weak prospects for a recovery in the construction sector.
The report indicated that growth expectations in the euro area for next year were revised up to 0.2 from 0.1 percent, with the European gas crisis subsiding slightly, but the European Central Bank’s interest rate hike will put pressure on demand, and the risk of a shortage of natural gas in Europe this. Winter is still present, which means that the crisis is not over yet, and its high prices are still weighing on companies and families.
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