Fitch Ratings revised up its global economic growth forecast for this year to 2.4%, from its previous projection of 2%.
“The biggest upgrades have been to emerging markets (EM) where incoming data have been a lot stronger than expected,” it said in the Global Economic Outlook report released Wednesday.
The growth estimate for emerging markets, excluding China, was revised up to 2.9% from 2% with Brazil, India, Mexico, and Russia seeing “substantive improvements.”
China’s growth expectation was revised up to 5.6%, from 5.2%, after its economy reopening in the first quarter of 2023 was “swifter-than-expected.”—AA
