The forecast for the growth of the Eurozone economy for the current year has been increased from 0.6 to 0.8%

Fitch Ratings has upgraded its global economic growth forecasts for 2024 in its latest Global Economic Outlook.

According to Fitch, the outlook has improved as confidence in Europe’s recovery prospects grows, China’s export potential recovers, and domestic demand in emerging markets, excluding China, shows stronger momentum.

Fitch has raised its global growth forecast for 2024 to 2.6% from 2.4% in the March review, the eurozone – by 0.2 percentage points, to 0.8%, and China – to 4.8% from 4.5%. The agency kept its forecast for US GDP growth unchanged for the current year at 2.1%.

At the same time, in 2025, the agency expects global economic growth to slow to 2.4%, as growth in the US will slow to 1.5%, and in the eurozone – accelerate to 1.5%. Analysts also expect China’s economic growth to fall to 4.5% next year as exports and government spending slow.