Fitch Ratings: stronger than previously expected global economic growth is expected this year

By: Trademagazin Date: 2024. 06. 17. 16:45

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Stronger-than-expected world economic growth is likely for this year, according to the latest global forecast presented by Fitch Ratings on Monday, mainly due to the significant improvement in the outlook for European economies, the revival of the Chinese export sector and the growing momentum of demand in the emerging region.

According to the new quarterly global economic forecast presented in London by the international credit rating agency, the global gross domestic product (GDP) can be expected to grow by 2.6 percent in 2024 as a whole.

Fitch’s previous forecast issued in March included an average global economic growth of 2.4 percent for this year.
In the new quarterly world report, the company significantly improved its estimate of the growth of the Eurozone economy this year, from the previous 0.2 percent to 0.8 percent.

The latest forecast predicts a 4.8 percent GDP expansion in the Chinese economy by 2024, instead of the previously expected 4.5 percent.
According to Fitch Ratings, this year’s growth of emerging markets calculated without China will reach 3.7 percent; this is 0.5 percentage points faster than the rate in the company’s forecast so far.