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S&P lowers India's growth forecast to 5.2% for 2020 amid Covid-19 pandemic

The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar

Press Trust of India  |  New Delhi 

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on Wednesday lowered India's economic growth forecast to 5.2 per cent for 2020, saying the is entering a recession amid the pandemic.

The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar.

Asia-Pacific economic growth in 2020 will be more than halve to less than 3 per cent as the "enters a recession", S&P said in a statement.

An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific, said Shaun Roache, chief Asia-Pacific economist at

"We lower our forecasts for China, India, and Japan for 2020 to 2.9 per cent, 5.2 per cent and -1.2 per cent (from 4.8 per cent, 5.7 per cent, and -0.4 per cent previously)," S&P said.

On Tuesday, Moody's Investors Service had lowered India's economic growth forecast for 2020 to 5.3 per cent (from 5.4 per cent), in the wake of the impact on the economy.

First Published: Wed, March 18 2020. 07:42 IST
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