Fitch announces 'we expect a slowdown'

In the agency's "Global Economic Outlook" report, it was stated that the global economic growth forecast for this year has been raised from 2.5 percent to 2.9 percent, while it is expected that the world economy's growth will decline to 2.1 percent next year.

The report noted that the effects of monetary tightening are expected to be felt in the coming period, and that the problems in China's housing sector and the stagnation in the Eurozone could have repercussions on global growth in 2024.

The agency's report stated that the Turkish economy is expected to show growth of 4.1 percent this year and 2.5 percent next year.

The report explained that the inflation rate in Turkey is expected to be 65 percent at the end of this year and to decline to 38 percent by the end of next year.

UK ECONOMY TO GROW

Furthermore, the report included the expectation that the US economy will grow by 2.4 percent at the end of 2023 and by 1.2 percent next year.

Fitch Ratings' report noted that the Chinese economy is projected to record growth of 5.3 percent by the end of this year and 4.6 percent next year.

The report, which stated that the European Union (EU) economy is expected to record growth of 0.5 percent in 2023 and 0.7 percent next year, included a forecast that the UK economy will grow by 0.5 percent this year and 0.3 percent in 2024.

It was reported that the growth of emerging economies is expected to be 4.6 percent this year and 3.9 percent next year.

News Source: AA