Inflation risks in the United States are rising as consumer spending growth is stronger than expected, Fitch Ratings said in its December 2024 Global Economic Outlook (GEO) report on Thursday. The document also states that upcoming tariff hikes could raise import prices even more.

Globally, Fitch expects growth to slow slightly to 2.6% in 2025. However, the US will rise 0.5 percentage points to 2.1%, while the eurozone will grow 0.3 percentage points to 1.2%. The institution has cut China's forecast for 2025 by 0.2 percentage points to 4.3%.

In the case of China, the report added that export prospects may be worse, while a "further step-up in fiscal support will likely be necessary to prevent growth falling below 4%."