Fitch downgrades Australia's economic growth, while Rabobank tips 'modest' global recess
The outlook for the world economy, including Australia's, is looking more pessimistic as China's economic growth continues to slow down. Global economic growth is expected to hit an eight-year low of 2.5 per cent next year, according to ratings agency Fitch.
"The outlook for the global economy has deteriorated significantly due to the escalation in the US-China trade war," the agency wrote in its Global Economic Outlook, released on Wednesday.
In the past 15 months, the world's two biggest economies have levied hundreds of billions of dollars in tit-for-tat tariffs on each other's imports, which is having a major impact on factory activity in several countries.
