Moody's raises India's 2020 GDP forecast to -8.9 from -9.6%
Published On: Thursday, November 12, 2020 | By: Team KnowMyStock
Moody's today(12th November 2020) raised India's GDP forecast for the calendar year 2020 upwards to -8.9 percent contraction from -9.6 percent contraction forecast earlier. Similarly, India's GDP forecast for the calendar year 2021 has been revised upwards to 8.6 percent from 8.1 percent projected earlier. The report released by Moody's Investors Service attributed the reason behind better growth to the falling of coronavirus cases in the country. "The test positivity rate has fallen below 5 percent in India and below 10 percent in South Africa. Fatality rates have also steadily declined in most emerging market countries, similar to the trends in advanced economies. If these trends are sustained, greater mobility and social interactions will be likely over time. In addition, the development and dissemination of a vaccine will make the pandemic itself a less important macro factor in 2021 and 2022," the report stated.
India's economy had the biggest contraction, 24 per cent year-over-year in the second quarter, as a result of a long and strict nationwide lockdown.
Tags: India's GDP forecast Moody's
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