Moody’s Investor Service has further downgraded India’s GDP projection to -3.1% this calendar year as compared to 0.2% in April.
The global rating agency slashed it’s estimates for nearly all major economies. For the G20 advanced economies, the report predicted a shrink of 6.4% in 2020 followed by a 4.8% recovery next year.
In April, Moody’s had forecasted the output for this group of economies at -5.8% for the year.
For the G20 emerging economies, the report reported a projected contraction of 1.6% for the calendar year. Removing China, this figure would show worse results at -4.7%, it said.
China has not seen a downgrade from the April report, with Moody’s staying consistent with its 1% forecast for the country this year.