Moody’s Investors Service has cut India’s 2020 Gross Domestic Product (GDP) growth forecast to 5.4% from 6.6% and the next financial year (2020-21) growth rate estimate to 5.8% from 6.7%. According to Moody’s, due to the spread of novel coronavirus outbreak in China, worldwide growth will be affected and hence India’s economic growth recovery will be slow.
Moody’s also estimates that G20 economies will grow at a rate of 2.4 % in 2020, a sluggish move from 2019. China’s GDP growth estimated at 5.2 % in 2020 & expected to achieve GDP growth at a rate of 5.7 % in 2021.
Important takeaways for all competitive exams:
- Moody’s founded: 1909.
- Moody’s founder: John Moody.
- Moody’s headquarters: New York, United States.
- Moody’s CEO: Raymond W. McDaniel Jr.