Fitch see a huge contraction for the global economy
- They had forecast -1.7% back in April
- Now revised to -3.2%
- most of the contraction will be in Q2
" we have revised down our growth forecasts for several markets including the US, Italy, the UK, Germany, Japan, Brazil, Mexico, Nigeria, Egypt, Indonesia, the Philippines, Turkey and Poland"
The firm forecasts a recovery of 3.6% in 2021.
