S&P Global Market Intelligence cut its forecast for real economic growth of the United States by 20 basis points to 1.2 percent for 2023 and by 90 basis points to 0.9 percent for 2024, after warning of the risks of default and banks tightening credit standards.
U.S. GDP could also be hurt by tightening credit standards, due to a potential deterioration in the quality of commercial mortgages, which would lead to lower investment in non-residential structures. The cut comes as a debate is raising the $31.4 trillion U.S. debt ceiling, with unprecedented lag looming within three weeks if Congress takes no action.
Source: (CNBC Arabic Website, Edited)
