Fitch Solutions revises up projections for global economic growth to 5.7%

Fitch Solutions revises up projections for global economic growth to 5.7%

Fitch Solutions has slightly upgraded its projections for global economic growth to 5.7 percent in 2021, up from 5.6 percent it expected in April, before declining sharply to 3.6 percent in 2022.

In its updated insights on the global macroeconomic outlook, released through a virtual event on Tuesday, Fitch Solutions said that developing markets will witness a 6 percent growth in their economies in 2021, before going down to 5 percent in 2022 and going below that in 2023.

Fitch Solutions also expected a slower growth in the global economy owing to lower commodity prices, the expected rising rates in the emerging markets, and supply side constraints.

It expected that developed countries will lead the way re-opening economies worldwide.