Moody’s lowers India’s GDP forecast to 5.4% for 2020

American Credit rating agency, Moody’s Investors Service has lowered India’s growth forecast to 5.4 per cent for the year 2020. Earlier, the country’s growth was estimated as 6.6 per cent.

Moody’s said in its update on Global Macro Outlook that India’s economy has decelerated rapidly over the last two years and a recovery in the current quarter. It has also predicted a growth rate of 5.8 per cent for 2021. It also stated that the G-20 economies would collectively grow 2.4 per cent in 2020.