Moody’s Investor Service, in its latest revision, which is part of its Global Macro Outlook, revised its baseline growth projections for India from 5.4% to 5.3% in 2020.
The downgrade revision comes less than a month after the rating agency trimmed India’s growth projection from 6.6% to 5.4% for 2020.
“We expect these shocks to materially slow economic activity, particularly in the first half of this year. We have therefore revised our 2020 baseline growth forecasts for all G-20 economies.
We expect these countries, as a group, to grow by 2.1% in 2020, 0.3 percentage point lower than our previous forecast.
Moody’s also lowered its 2020 forecast for China to 4.8% from 5.2%.
For the US, it now expects real gross domestic product (GDP) to grow by 1.5% in 2020, down from the previous estimate of 1.7%.”