Fitch Expects Negative Growth for Korea

  • By Ahn Joong-hyeon

    April 06, 2020 13:29

    Fitch has forecast negative growth for Korea this year due to the spread of coronavirus, the second credit ratings firm to make the prediction after Standard & Poor's.

    In a report last Thursday, Fitch slashed its forecast for Korea's growth from 0.8 percent to -0.2 percent for this year, down another percentage point in less than a month.

    On March 23, S&P slashed Korea's growth outlook -0.6 percent, leaving Moody's the only major ratings firm to maintain a positive outlook at 0.1 percent.

    Fitch also downgraded its forecast for the U.S. from one percent to -3.3 percent, the eurozone from -0.4 percent to -4.2 percent, and for China from 3.7 percent to 1.6 percent, while drastically cutting the outlook from 1.3 percent to -1.9 percent.

    Following the downward predictions the Asian Development Bank also slashed Korea's growth outlook to 1.3 percent this year, down one percentage point from December.

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