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%.
- The projection of GDP of G-20 advanced economies as a bloc is also declined by 5.8% in 2020.
-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%|
|World Bank||1.5 to 2.8%|
|International Monetary Fund (IMF)||1.9%|
|Asian Development Bank (ADB)||4%|
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