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Moody's cut 2020 GDP forecast to (-)3.1%
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SME Times News Bureau | 22 Jun, 2020
Global ratings agency Moody's
Investor Services on Monday reduced its calender year 2020 economic
growth forecast for India to (-)3.1 per cent, from its earlier
projection of (+)0.2 per cent.
It said that effects of lockdowns on Q2 activity will be larger than previously thought.
"Incoming data show the extent of coronavirus-related disruption in Q1 and Q2," a report by Moody's Investor Services said.
"As
a result, we have revised down our 2020 growth forecasts for Germany
(Aaa stable), France (Aa2 stable), Italy (Baa3 stable), the UK (Aa2
negative), Canada (Aaa stable), Brazil (Ba2 stable), India (Baa3
negative), Indonesia (Baa2 stable), Saudi Arabia (A1 negative) and
Argentina (Ca negative)."
The ratings agency predicted a rise in real GDP growth to 6.9 per cent for 2021.
On
June 1, the credit ratings agency downgraded India's sovereign ratings
as it saw challenges being piled upon the country's policymaking
institutions to mitigate the risks of a sustained period of relatively
low growth.
Besides, Moody's said the Covid-19 pandemic amplified
vulnerabilities in India's credit profile such as slower growth
relative to the country's potential, rising debt and further weakening
of debt affordability and persistent stress in parts of the financial
system.
Consequently, Moody's downgraded India's foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2.
It
also downgraded India's local-currency senior unsecured rating to Baa3
from Baa2, and its short-term local-currency rating to P-3 from P-2.
Furthermore, it kept the outlook as negative. Currently, the sovereign rating assigned to India is Baa3 with a negative outlook.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 11 Jul, 2020 |
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