Fitch: Lowered medium-term GDP projections for 10 developed economies

Fitch Ratings announced in its quarterly Global Economic Outlook on Wednesday that they have lowered medium-term Gross Domestic Product (GDP) growth projections for 10 developed economies, per Reuters.

"GDP in the largest developed economies will not return to pre-Covid-19 pandemic path, even in the medium term," Fitch said in its report and noted that there is also likely to be a sustained fall in labour force participation rates - relative to pre-pandemic trends - in the US and the UK.

Market reaction

This headline doesn't seem to be having a significant impact on risk mood. As of writing, US stock index futures were trading flat on the day.