Fitch reported that the outlook for global economic growth had deteriorated significantly as inflation challenges escalated and Russia’s attack on Ukraine threatens global energy supplies.
International credit rating agency Fitch Ratings lowered its 2022 growth expectation for the global economy from 4.2 percent to 3.5 percent.
The outlook for global economic growth has deteriorated significantly as inflation challenges increase and Russia’s attack on Ukraine threatens global energy supplies, the report said.
In the report, where the growth forecasts for the global economy were lowered, it was noted that the world economy is expected to grow by 3.5 percent this year and 2.8 percent in 2023.
In the report, it was stated that the war in Ukraine and economic sanctions against Russia put the global energy supply at risk. The increase in oil and gas prices would increase the costs of the industry and reduce the incomes of the consumers.
In the report, which stated that the 2022 growth forecast of the US economy was reduced from 3.7 percent to 3.5 percent, it was stated that the country’s 2023 growth expectation was 1.6 percent.
In the report, it was noted that the 2022 growth forecast of the Eurozone economy was reduced from 4.5 percent to 3 percent, while the 2023 growth forecast was 2.3.
