Fitch Ratings has downgraded its global economic growth expectation for 2026 to 2.4% from the previously projected 2.6%, stating that the oil crisis triggered by the US-Iran War has negatively affected the global economic growth outlook.

The international credit rating agency Fitch Ratings released the June edition of its Global Economic Outlook Report under the title “Oil Price Shock Hits Global Growth Expectations,” The Caspian Post reports, citing Anadolu.

In the report, the agency noted that it had reduced the global economic growth forecast for this year by 0.2 percentage points, bringing it down to 2.4%, due to rising oil prices. At the same time, it stated that it expects the world economy to grow by 2.5% next year.

The report further emphasized that overall forecasts have generally been revised downward, as high inflation has reduced real wages, constrained consumer spending, and increased input costs for companies, thereby weighing on economic activity.

Fitch also stated in its report that stronger-than-expected momentum in artificial intelligence investments has helped to partially offset the impact of the oil shock on global economic activity.

According to the agency, this development has provided support to global trade flows as well as Asia’s export performance.