International credit ratings agency Fitch Ratings has reported in the December issue of its global macroeconomic outlook report that it has raised its global GDP growth forecast from 2.7 percent from the previous forecast in September to 2.8 percent for 2024 and from 2.5 percent to 2.6 percent for 2025. Also, Fitch expects global GDP growth of 2.3 percent for 2026.
Fitch has raised the GDP growth for the US to 2.7 percent for 2024, 2.1 percent for 2025 and 1.7 percent for 2026, while for the euro zone it forecasts GDP growth of 0.8 percent for 2024, 1.2 percent for 2025 and 1.3 percent for 2026. In the euro zone, there are concerns regarding protectionism by the US as the implementation of duty hikes approaches.
In addition, the agency has downgraded growth expectations for Turkey. GDP growth in Turkey is forecast at 2.9 percent for 2024, 2.6 percent for 2025 and 3.5 percent for 2026, compared to 3.5 percent for 2024, 2.8 percent for 2025 and 3.7 percent for 2026 in the September report. According to the December report, the lower-than-expected growth in the third quarter of this year reflects the efforts to cool down the economy.
