Coronavirus impact: Nomura lowers 2020 GDP growth forecast to -0.5%

India Ratings (Ind-Ra) on Monday cut its FY21 growth forecast to 3.6 per cent amid Covid-related worries while Fitch Solutions on Monday slashed its estimate for India's GDP growth in 2020-21 to 4.6 per cent.
With nearly 75 per cent of the Indian economy in lockdown, Nomura has lowered 2020 GDP growth forecast to -0.5 per cent YoY from 4.5 per cent. “We expect growth to slide from 4.7 per cent YoY in Q4CY19 to 3.1 per cent in Q1CY20 and fall to -6.1 per cent in Q2CY20,” said Sonal Varma, MD and chief India economist at Nomura.

 
Ind-Ra cuts FY21 growth forecast to 3.6%

 
India Ratings (Ind-Ra) on Monday cut its FY21 growth forecast to 3.6 per cent amid Covid-related worries.  It has assumed that a full or partial lockdown will continue till end of April and economic activities will be restored only after May. It expects India to clock a 2.3 per cent growth for Q1FY21, down from 4.7 per cent forecast in Q4FY20.

 
Fitch cuts GDP growth forecast to 4.6%

 
Fitch Solutions on Monday slashed its estimate for India's GDP growth in 2020-21 to 4.6 per cent due to weaker private consumption and contraction in investment amid coronavirus outbreak.

 
The growth estimate for FY compares with a 4.9 per cent forecast in the current 2019-20 that ends on Tuesday.


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