In its latest Global Economic Outlook, Fitch Ratings updates its forecasts for GDP in 2009 which have been revised downwards very sharply, reflecting the abrupt fall in activity and trade at the end of last year, evidence of much more rapid deleveraging by the US household sector, and precipitous declines in business investment. This is not only the widest but now also the deepest global recession experienced since WWII. Nevertheless Fitch still expects a return to positive, albeit, weak, growth in 2010 in response to unprecedented fiscal and monetary policy stimulus.
