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US and European GDP Growth Paths Diverged Markedly in 2023
The divergence in GDP growth between the US and Europe was striking in 2023, as highlighted in Fitch Ratings’ latest ‘20/20 Vision’ chart pack. GDP growth in the US rose to 2.5% in 2023 from 1.9% in 2022 while in the eurozone it decelerated to 0.5% from 3.4% in 2022, and in the UK it slowed to 0.1% in from 4.3% in the previous year. Excluding the Covid-19 pandemic recession and recovery in 2020 and 2021, the gap between US and eurozone growth in 2023 was the widest since the eurozone sovereign debt crisis in 2013. Official 4Q23 GDP outturns showed ongoing US economic strength in stark contrast to stagnation in ... (full story)