Fitch Sees Recession Coming in Germany, Italy Later in 2023
- US also at risk of modest recession, Fitch executive says
- Pakistan at risk of default; Egypt in need of external finance
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Fitch Ratings Inc. sees Germany and Italy’s economies going into recession by the end of this year as they battle to control inflation, although the Eurozone area will avoid it.
Those economic contractions are unlikely to be severe, but “recession is significant in and of itself,” James McCormack, global head of sovereigns and supranationals at Fitch, said in an interview with Bloomberg TV. The “UK is already probably there,” he added.