Moody’s slashed India’s growth forecast twice in one month

Date:

Rating agency Moody’s Investors Service has slashed India’s growth forecast for the second time in a month. The agency has projected India’s growth rate to be 5.3 percent for 2020. Earlier, on February 17, it had reduced it from 6.6 percent to 5.4 percent.

The rating agency estimates that corona virus outbreaks will reduce domestic demand worldwide. Moody’s said in its Global Macro Outlook for March that the outbreak of the virus has spread rapidly in several major economies outside China. Even if it is controlled, it will affect global economic activity in the second quarter of this year.

Moody’s has slashed China’s growth forecast for 2020, from 5.2 per cent to 4.8 per cent, in addition to India. At the same time, the growth rate estimate of the US has been reduced from 1.7 percent to 1.5 percent. Moody’s has projected G20 countries to grow at 2.1 in 2020, which is 0.3 per cent lower than earlier estimates.

Disclaimer :- This post is independently published by the author. Infeed neither backs nor assumes liability for the opinions put forth by the author.

Share post:

Subscribe

Popular

More like this
Related

73 Percent Population Devoid of Any Upliftment : Rahul Gandhi Roars in Patna

Congress leader Rahul Gandhi on Sunday alleged that the...

Pratapgarhi speaks against the demolition of 700-year-old mosque in Rajya Sabha

Congress leader Imran Pratapgarhi, in a poetic yet eloquent...

The Stealthy Rise of Autocracy: India’s Democratic Crisis Unveiled

Suspending MPs to strengthen Parliament security? Slow and steady...