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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.

Key points

“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%.”