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Tuesday, September 29, 2020

Fitch Ratings projects Indian economy to contract 10.5% this fiscal

"GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven," Fitch said.

By: PTI | New Delhi | September 8, 2020 10:54:27 am
Fitch had earlier projected India's GDP to contract 5 per cent this fiscal.

Fitch Ratings on Tuesday projected a massive 10.5 per cent contraction of India’s economy in the current financial year.

India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June.

India’s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown.

“GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven,” Fitch said.

“We have slashed our GDP forecast for this fiscal year to (-) 10.5 per cent, a huge revision of (-) 5pp compared to the June Global Economic Outlook (GEO),” it said.

Fitch had earlier projected India’s GDP to contract 5 per cent this fiscal.

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