In a report released Monday, rating agency Fitch lowered its 2022 global economic growth forecast from 4.2% to 3.5%.

The agency said the post-pandemic recovery process has been hit by global supply bottlenecks which are pushing up inflation.

"The war in Ukraine and economic sanctions on Russia have put global energy supplies at risk. Sanctions seem unlikely to be rescinded any time soon," it added.

Mentioning how Russia meets 10% of the globe’s energy requirements, Fitch said rising oil and gas prices will add to industry costs and cut into consumers’ real incomes.

The agency has also lowered its GDP estimate for 2023 by 0.2 percentage points to 2.8%.

(Anadolu Agency)