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Moody declined India’s growth estimate to 0.2% for CY 2020 from 2.5%

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On April 29, 2020, Moody’s Investors Service in its report titled “Global Macro Outlook 2020-21 (April 2020 update)” has decreased India’s growth forecast for the calendar year (CY) 2020 to 0.2%, from 2.5% projected in March 2020, due to the nationwide lockdown started from March 24, 2020. Moody also forecasted India’s growth for 2021 at 6.2%.Moody's slashes India's growth new

  • The projection of GDP of G-20 advanced economies as a bloc is also declined by 5.8% in 2020.

Key Points:

-As we all know that in 2019, India lost the tag of the fastest-growing major economy to China. For 2020-2021 also, China is projected to grow 1% in 2020 and 7.1% in 2021, ahead of India.

-Among G20 nations, only China, India, and Indonesia are projected to witness economic growth in 2020 by Moody’s.

GDP growth rate estimates by various agencies for India in FY20-21

India Ratings(-) 2.1 to 1%
Confederation of Indian Industry (CII)(-) 0.9 to 1%
Nomura(-) 0.5%
Fitch ratings0.8%
Goldman Sachs1.6%
World Bank1.5 to 2.8%
International Monetary Fund (IMF)1.9%
Asian Development Bank (ADB)4%

About Moody’s Corporation:
Headquarters– New York, United States (US)
President and Chief Executive Officer (CEO)– Raymond Whitehead McDaniel, Jr.