(AOF) – The outlook for global GDP growth has deteriorated significantly as inflation concerns escalate and Russia’s invasion of Ukraine threatens global energy supplies, Fitch Ratings warned. The rating agency cut its estimate for global economic expansion this year by 0.7 points to 3.5 percent. The forecast has been lowered by 1.5 points to 3% for the euro zone and 0.2 points to 3.5% for the United States.
The new projections reflect the negative effects of rising energy prices, but also a faster-than-expected rate of increase in US interest rates. 7 improvements are anticipated. The GDP growth forecast in 2023 has been reduced by 0.2 points to 2.8%.
“Inflation issues and supply shocks could have a much more severe impact on global GDP growth if they lead to much sharper monetary policy tightening, if they push oil prices to $150 per barrel for an extended period of time and whether that is linked to energy rationing. which is widespread in Europe,” warned Fitch Ratings.
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