Moody's Investor Service announced on Friday that it has revised down the 2019-20 growth forecasts for 16 countries in the Asia Pacific due to weaker trade and investment. The weaker outlook is offsetting the support from stable private and public consumption, the rating agency said. India's growth forecast for this year was cut to 6.2 percent from 6.8 percent and the projection for next year was lowered to 6.7 percent from 7.3 percent.
Among the 16 Asia Pacific countries, Hong Kong and Singapore are set to have significantly weak growth this year, the agency said. GDP growth slowed sharply in both economies in the first half of the year versus the same period last year. The rating agency downgraded both Hong and Singapore's growth forecasts for this year to 0.5 percent from 2.3 percent. Hong Kong's growth outlook for next year was lowered to 1 percent from 2.7 percent and that of Singapore to 1.2 percent from 2.5 percent.
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