Eurozone to Enter Recession This Year, US to Suffer ‘Mild Recession’ in 2023 – Fitch

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recession
recession

The eurozone and the United Kingdom will likely enter a recession later this year while the United States is expected to experience a “mild recession” in 2023, Fitch Ratings said in a global economic forecast released on Wednesday.

“Fitch now expects world GDP to grow by 2.4% in 2022 – revised down by 0.5pp since the June GEO – and by just 1.7% in 2023, a cut of 1pp,” the ratings agency said, referring to percentage point (pp) moves in GDP in its Global Economic Outlook. “The eurozone and UK are now expected to enter recession later this year and Fitch forecasts that the US will suffer a mild recession in mid-2023.”

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