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Global Economy Faces Sharp Slowdown Amid Tariff Shocks and Investment Uncertainty
The global economy is facing its steepest downturn in years, with Fitch Ratings slashing its GDP growth forecast for 2025 and 2026 to just 2.2%, down from 2.9% in 2024. This figure is notably lower than the historical average of 2.7%, reflecting the lingering impact of the most severe global trade war since the 1930s, according to the agency. The primary driver of this shift is a surge in U.S. tariffs, particularly against China and the European Union, with effective tariff rates (ETRs) now reaching 15–20%, a sharp rise from just 2.5% in 2024. Such a sudden increase is historically rare and difficult to model, but ... (full story)
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