Fitch Ratings has made further cuts to world GDP forecasts in its latest Global Economic Outlook (GEO), but the slump in global economic activity is close to reaching its trough. "World GDP is now forecast to fall by 4.6% in 2020 compared to a decline of 3.9% predicted in our late-April GEO. This reflects downward revisions to the eurozone and the UK and, most significantly, to emerging markets (EM) excluding China," said Brian Coulton, Chief Economist, Fitch Ratings. Fitch now expects eurozone GDP to fall by 8.2% in 2020 compared to a contraction of 7.0% in our previous GEO. This reflects incoming data that point ... (full story)