Fitch Revises Growth Outlook for Ten Developing Nations

(MENAFN) Fitch, the global credit rating agency, has revised its forecast for the medium-term potential growth of 10 developing nations, lowering the group’s overall expected growth from 4% to 3.9%.

On Wednesday, the agency adjusted its five-year potential GDP growth projections for emerging markets, primarily due to a downward revision in China’s growth outlook, which was reduced from 4.6% to 4.3%.

Forecasts for Mexico, Indonesia, and South Korea were all downgraded, while Russia, Brazil, Poland, and India saw their growth projections revised upwards. The outlook for South Africa and Türkiye remained stable.

Fitch now expects an average potential growth rate of 3.1% for these 10 developing countries.

Specifically, the potential growth forecast for Indonesia has been lowered from 4.9% to 4.7%, for Mexico from 2% to 1.8%, and for South Korea from 2.1% to 1.9%. On the other hand, India’s growth outlook was raised from 6.2% to 6.4%, Poland’s from 3% to 3.2%, Brazil’s from 1.7% to 2%, and Russia’s from 0.8% to 1.2%. South Africa’s growth forecast remains at 1%, while Türkiye’s stays at 4.1%.

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