BofA, CRISIL cut India growth forecast amid coronavirus outbreak

Topics BofA | Crisil | Coronavirus

A Jammu Municipal Corporation health worker fumigates an area as a precautionary measure against the spread of coronavirus at Government Medical College hospital in Jammu
Brokerage Bank of America (BofA ) Securities and rating firm CRISIL cut India’s growth forecast on Thursday, in light of the Covid-19 pandemic.

 

While BofA has sharply cut the June quarter growth forecast by 90 bps to a low of 3.1 per cent and the full-year FY21 GDP target by 100 bps to 4.1 per cent, CRISIL said the pandemic will leave the economy crippled next fiscal year pulling down the growth to a low of 5.2 per cent. Crisil had earlier forecast the GDP printing in a 5.7 per cent expansion.

 

The report from economists at BofA comes just a day after they slashed their full-year FY21 forecast by 80 bps to 5.1 per cent.

               



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