Fitch attacks G7

FITCH IBCA, the credit rating agency, has warned that the "apparent lack of policy response" of the G7 leading industrial nations could jeopardise world growth.

In its six-monthly review of sovereign credit ratings, the agency argues that the apparent lack of G7 action has made it more likely that world activity will "turn out in line with the pessimists". The most pessimistic forecasters predict that G7 growth will slow to 0.9 per cent in 1999, the lowest level since the recession of 1991, says Fitch.