Moody’s Investors Service on Monday slashed India’s growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery.
In its update on Global Macro Outlook, Moody’s said India’s economy has decelerated rapidly over the last two years and expects the economic recovery to begin in the current quarter.
Accordingly, we have revised our growth forecasts to 5.4 percent for 2020 and 5.8 percent for 2021, down from our previous projections of 6.6 percent and 6.7 percent, respectively,” Moody’s said.
About global growth, Moody’s said the coronavirus outbreak has diminished optimism about prospects of an incipient stabilisation of global growth this year.
We have reduced our growth forecast for China to 5.2 percent in 2020 and maintain our expectation of 5.7 percent growth in 2021, it added.

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