In its latest report, Global Macro Outlook 2020-21, Moody forecasted the GDP growth of G20 advanced economies and G20 emerging economies for the year 2020.
According to the report, the economy of China will grow by 1% for the year 2020. The only thing that gives some respite in the report is that India’s economic growth is not forecasted negatively for the year 2020. The US, Germany, UK, France, and Japan all forecasted negative economic growth.
The report also includes views on the revival of the global economy next year. According to the report, the global economy is expected to rebound by next year, but economic growth will be expected to be less than the pre-coronavirus scenario.
Moody’s Investors Service, an American credit rating agency, has slashed India’s GDP growth forecast to 0.2% from previously predicted 2.5% in March for the year 2020. As per the reports, Indian economy growth is expected to rebound to 6.2% in 2021.
Moody’s expected report for G-20 advanced economies.
Moody’s expected report for G-20 emerging economies.
Well, certainly COVID-19 pandemic has hit hard on the global economy. It seems like the world will not be the same any soon as it was before the COVID-19 pandemic. One day it will be all fine, but that day seems to be too far.