Sri Lanka, Dec. 6 -- World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China's property market deteriorates, says Fitch Ratings in its latest Global Economic Outlook (GEO) report published today.
Fitch now expects world GDP to grow by 1.4% in 2023, revised down from 1.7% in the September 2022 GEO. Fitch has lowered its forecast for US 2023 growth to 0.2%, from 0.5%, as the pace of monetary policy tightening increases.
We have also cut our China 2023 growth forecast to 4.1%, from 4.5%, as prospects for a recovery in housebuilding fade. China's 2022 growth forecast remains at 2.8% as the surge in Covid-19 cases weighs on activity in the near term.
We have ...