Fitch revised its forecast for global GDP growth in 2024 to 2.4%

The international credit rating agency Fitch Ratings has raised its forecast for global GDP growth in 2024 by 0.3 percentage points compared to the previous forecast – to 2.4%. This is stated in the agency’s March report on global macroeconomic forecasts.

The improvement in the forecast reflects a sharp upward revision of expectations for the US economy – to 2.1% from 1.2% in the December review.

Growth prospects in the United States are outweighed by a slight downgrade in the forecast for the Chinese economy this year, to 4.5% from 4.6%, and a revision of expectations for the euro area, to 0.6% from 0.7%.

Expectations for the economic prospects of emerging markets, excluding China, were revised upward by 0.1 percentage points to 3.2%.

The forecast for the global economy in 2025 remained at +2.5%, as the eurozone’s GDP will return to recovery, while the US economy slows.

Fitch has raised its forecast for Türkiye’s GDP growth for the current year to 2.8% from 2.5% in the previous report amid short-term economic developments. In 2025, the Turkish economy will recover by 3.1%.

As GMK Center reported earlier, Fitch forecasts steel demand growth in most regions in 2024. Steel markets will be largely balanced and in a slightly better condition than in 2023. The agency expects low single-digit demand growth in most regions, except for China, where both production and consumption of steel products are expected to decline slightly.