Fitch: Global growth recovery on track

The US-based ratings agency, Fitch ratings, published a latest report on the world economic outlook.

Main points:

World GDP to grow by 2.9% in 2017 vs 2.5% in 2016

2018 forecast revised up to 3.1% vs 3.0%

The US growth forecast for 2017 has been revised down slightly but this has been offset by a better outlook for China and Japan. 

Brian Coulton, Fitch's Chief Economist, noted: "Weaker 1Q US growth was explained by consumption and looks to have been affected by temporary factors. Falling unemployment, wealth gains, improved consumer confidence and the prospect of income tax cuts should support a recovery in consumption from 2Q17. In China, the impact of earlier policy stimulus on activity has proved more powerful than anticipated and the slowdown in the housing market has taken longer to materialise than expected."