Fitch Solutions has slashed India’s economic growth forecast to 1.8% for the financial year 2020-21. Fitch Solutions has lowered India’s economic growth forecast from 4.6% stating large-scale loss of income across the economy due to domestic outbreak of COVID-19, causing contracted private consumption. It has also predicted the contraction in fixed investments as capital expenditure has been reduced by businesses to conserve cash amid elevated economic uncertainty.
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Fitch Solutions has also reduced the real GDP forecast of China for the financial year 2020 from 2.6% to 1.1%, stating the impact of a worsening global economic outlook on China’s economy.
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