Fitch has projected the weakest global growth expansions since 2009, excluding the period of the COVID-19 pandemic.

In a special update released yesterday, Fitch now projects global economic growth to fall below 2% this year.

The ratings agency has significantly revised its outlook, cutting the 2025 world growth forecast by 0.4 percentage points and reducing growth estimates for both China and the United States by 0.5 percentage points compared to their figures from March.

Fitch stated that while US annual growth in 2025 is expected to remain positive at 1.2%, it will slow considerably throughout the year, reaching just 0.4% year-on-year in the final quarter.

Furthermore, they predict that China's growth will drop below 4% for both this year and next, while growth in the Eurozone will remain weak, stuck well below 1%.