Fitch expects global economy to slow next year

International credit rating agency Fitch Ratings reported that the global economy is expected to grow by 2.1 percent next year. The agency's report predicted that the Turkish economy will grow by 4.1 percent this year and 2.5 percent next year. The agency's "Global Economic Outlook" report stated that the global economy's growth forecast for this year was increased from 2.5 percent to 2.9 percent, while it was noted that the world economy's growth is expected to decline to 2.1 percent next year. The report stated that the effects of monetary tightening are expected to be felt in the coming period, and that the housing sector problems in China and the stagnation in the Eurozone may have repercussions on global growth in 2024. The agency's report stated that the Turkish economy is expected to grow by 4.1 percent this year and 2.5 percent next year. The report explained that the inflation rate in Turkey is expected to be 65 percent by the end of this year and decline to 38 percent by the end of next year. In addition, the report included expectations that the US economy will grow by 2.4 percent by the end of 2023 and 1.2 percent next year. Fitch Ratings' report noted that the Chinese economy is expected to grow by 5.3 percent by the end of this year and 4.6 percent next year. The report stated that the European Union (EU) economy is expected to grow by 0.5 percent in 2023 and 0.7 percent next year, while the UK economy is predicted to grow by 0.5 percent this year and 0.3 percent in 2024. It was reported that developing economies are expected to grow by 4.6 percent this year and 3.9 percent next year.