NextGen Day

Fitch Ratings increased its outlook for this year’s global economic growth from 2 percent to 2.4 percent.

The Global Economic Outlook report, released on Wednesday, stated, “The biggest upgrades have been to emerging markets (EM), where incoming data have been a lot stronger than expected.”

With “substantial improvements” in Brazil, India, Mexico, and Russia, the growth estimate for emerging markets outside China increased from 2 percent to 2.9 percent.

China’s predicted growth rate increased from 5.2 percent to 5.6 percent as its economy reopened “swifter than expected” in the first quarter of 2023.

As consumption and employment growth continue to be strong, the growth prediction for the US economy also increased to 1.2 percent from 1 percent.

The US Federal Reserve’s monetary tightening is still expected to cause a minor recession in the US economy, according to the rating agency. Still, it will occur between the fourth quarter of 2023 and the first quarter of 2024.

The growth projections for the eurozone for 2023 and 2024 remained the same.

As a result of “longer lags in the impact of higher interest rates, as well as weaker base effects for EM growth,” Fitch, on the other hand, decreased its projection for global economic growth in 2024 from 2.4 percent to 2.1 percent.

According to the agency, loosening monetary policy the following year should lead to a pickup in global economic growth in 2025.

Fitch maintained its 2023 and 2024 growth projections for the Turkish economy at 2.5 and 3 percent, respectively, but forecasts a 3.8 percent rise in 2025.

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