Moody’s estimates Indias GDP to fall by 3.1% in FY 2021

Moody’s Investors Service has released its new update of Global Macro Outlook (2020-21) for June. The rating agency forecast the Indian economy to decline by 3.1% in FY 2020, citing coronovirus-related problems in its ratings. It has also released an estimate of the Indian economy growing at 6.9% in FY 2021.

In addition, the Global Macro Outlook has also indicated that China will be the only G-20 country to grow at 1% in FY 2020 and is expected to grow at 7.1% in FY 2021. At the same time, Moody’s has forecast economies of G-20 countries to fall by 4.6 percent in FY 2020, followed by an estimate of growth of 5.2 percent in 2021.