LONDON : Credit rating agency Moody's raised its 2023 U.S. economic growth forecast on Friday but cut its estimate next year for China, saying that while the risk of a recession had fallen in the United States, China's challenges were mounting. 'We have raised our growth forecast for the United States' e
LONDON : Credit rating agency Moody's raised its 2023 U.S. economic growth forecast on Friday but cut its estimate next year for China, saying that while the risk of a recession had fallen in the United States, China's challenges were mounting.
The firm, now the only big three agency to have a top notch triple A rating for the U.S. following Fitch's downgrade last month, kept its 2024 growth forecast at 1 per cent, saying that high interest rates would act as a brake on the economy. Moody's kept its growth projection for this year at 5 per cent but cut its 2024 forecast to 4.0 per cent from 4.5 per cent previously. It rates China at A1 with a stable outlook, which is four notches below the U.S.'s top Aaa grade.
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