Fitch Ratings Lowers GDP Projections for 10 Developed Economies
Fitch Ratings has announced that it has lowered its medium-term GDP projections for 10 developed economies over the next five years, citing the lasting negative impact of recent economic shocks.
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Fitch Ratings has announced that it has lowered its medium-term GDP projections for 10 developed economies over the next five years. The agency cited the lasting negative impact of recent economic shocks, including disruptions from the Covid-19 pandemic and the European natural gas crisis, on supply-side productive potential.
According to Fitch Ratings, this impact will be partly reflected through slower capital accumulation, reducing capital deepening and labor productivity growth. Brian Coulton, Chief Economist at Fitch Ratings, stated that GDP in the biggest developed economies will not return to its pre-COVID-19 pandemic path, even in the medium term.
The statement also revealed that Fitch Ratings has cut its estimates of future potential GDP growth rates for the UK, Germany, and Japan by 0.2 percentage points to 1.2%, 1.1%, and 0.5%, respectively. The agency has also lowered its estimate for US potential growth by 0.1 percentage points to 1.7%, partly reflecting slower capital deepening.
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