Fitch cuts world growth forecast due to US-China trade war
Fitch ratings slashed the global growth outlook cut on U.S.-China trade war in its latest assessment of the global economic growth.
The global gross domestic product (GDP) is lower than was previously expected as trade tensions between China and the United States harbor protectionism, Fitch Ratings concluded in its Global Economic Outlook released today.
The global growth forecast for next year was lowered to 3.1% by 0.1%. However, the credit rating agency noted it expects near-term global growth to "remain strong," Breaking the News reported.
This year's GDP forecast increased to 3.3%, up from the 2017 3.2% figure.