Fitch Predicts Steep Global Recession

Fitch Predicts Steep Global Recession


Fitch expects the major advanced economies – US, UK, Euro area and Japan – to next year experience the steepest decline in GDP since World War II. Aggregate GDP is expected to contract by 0.8% in 2009, compared to an estimated 1.1% for 2008. “Tighter credit conditions, consumer retrenchment and falling corporate investment are expected to combine to deliver an unusually synchronized downturn across the advanced economies,” says the agency. World GDP will meanwhile grow by just 1% next year –slow

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