Fitch slash growth rate forecasts for China, US, , and Eurozone
Fitch ratings with their analysis
- protectionism choking global growth prospects
- China's growth rate is now expected to fall to 6.1% in 2019 and 5.7% in 2020, down from 6.2% and 6.0%, respectively
- primary cause of deteriorating outlook in China for next 12-18 months is trade policy
- Eurozone growth is now forecast at 1.1% in both 2019 and 2020 compared to 1.2% for 2019 and 1.3% for 2020 in June
- Update of global economic outlook forecasts, it has made significant downward revisions to China, Eurozone GDP growth forecasts over next 18 months
- US growth forecasts have been lowered to 2.3% in 2019 and 1.7% in 2020 compared to 2.4% and 1.8% respectively, in June
- Eurozone growth prospects are at risk from real possibility of a 'no-deal' Brexit, a scenario that could spark a significant UK recession in 2020
- Intensification of downside global risks since fed cut interest rates in July now looks likely to prompt another 25bp cut in December 2019
- ecbb European Central Bank likely to announce significant fresh accommodation measures very soon, which will include a restart of asset purchases in October
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