Fitch Ratings, one of the three major international rating agencies, released its latest "Global Economic Outlook" report on December 8. The report points out that the global economy is currently in a state of imbalance but will strengthen in 2015 and 2016. Fitch states that the robust U.S. economy will be the engine of global economic growth.
Fitch's latest forecast for global GDP growth is as follows: global GDP growth in 2014 is expected to be 2.5%, remaining flat compared to 2013; it will reach 2.9% in 2015; and it will further rise to 3% in 2016. Compared to the September forecast, Fitch has lowered its global GDP growth expectations for both 2015 and 2016 by 0.1 percentage points.
Regarding the U.S. economy, Fitch Ratings maintains its previous forecast, namely that the U.S. GDP growth rate will reach 3.1% in 2015 and 3% in 2016, making it the fastest-growing among major developed economies; by contrast, the U.S. GDP growth rate for 2014 is expected to be 2.3%. Private consumption will become the main driving force of U.S. economic growth, and private consumption is being boosted by rising disposable household income and a strengthening labor market in the United States.
