Global gross domestic product amid the COVID-19 pandemic will be worse than expected from a previous analysis, but the bottom is near, according to Fitch Ratings' latest Global Economic Outlook report.
The firm's economics team revised its April forecast predicting 2020 will see an overall GDP decline of 3.9% down to 4.6%. The lowered figure results from new analysis of GDP in Europe, the United Kingdom and emerging markets, but not China, said Fitch Ratings chief economist Brian Coulton in an announcement accompanying the report.
Elsewhere in the world, GDP growth numbers for China (0.7%), the US (-5.6%) and Japan (-5.0%) remained unchanged from the April forecast, as did Fitch's forecasts for Australia, Korea and South Africa.
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Thomas Phillips
Thomas Phillips is part of the social media team at ALM Media.
