Moody’s cuts 2020 growth forecast to 2.5% from 5.3%

India’s growth, however, could rebound to 5.8 per cent in 2021, while China’s may accelerate to 6 per cent, Moody’s said.

Moody’s forecast, 2020 growth forecast, coronavirus outbreak, economy slowdown, indian express news

Meanwhile, Icra, too, trimmed its growth projection to 4.2 per cent for the financial year 2020-21 from 4.4 per cent, despite the support from agriculture and government spending. (Representational Image)

Moody’s on Friday trimmed its growth projection for India sharply to just 2.5 per cent for 2020 from 5.3 per cent reported earlier, which is lower than its forecast of 3.3 per cent for China, the epicentre of the COVID-19 pandemic. The global rating agency has forecast a 0.5 per cent contraction for the global economy in 2020, citing an unprecedented demand compression.

India’s growth, however, could rebound to 5.8 per cent in 2021, while China’s may accelerate to 6 per cent, Moody’s said.

Meanwhile, Icra, too, trimmed its growth projection to 4.2 per cent for the financial year 2020-21 from 4.4 per cent, despite the support from agriculture and government spending.

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