Despite these small downgrades, Fitch points out that prospects remain strong as the figures move significantly higher than the historical average. However, growth is now less synchronized and balanced.
This reflects differences in monetary policy, exchange rates and fiscal policy. The latter is particularly aggressive in the US but neutral in Europe. Especially for the eurozone, the company claims that growth seems to have caught a ceiling unlike the US, and now sees it moving at 2% or 0.3% lower than the previous estimate.