"The biggest forecast cut was to India where we now anticipate a 5 per cent decline in the current financial year (ending March 2021) in contrast to an earlier forecast of growth of 0.8 per cent."
"India has had a very stringent lockdown
policy that has lasted a lot longer than initially expected and incoming economic activity data have been spectacularly weak," Fitch
This compares to an estimated 3.9 per cent growth in the previous fiscal. Growth is, however, expected to rebound to 9.5 per cent in 2021-22.
"World GDP is now forecast to fall by 4.6 per cent in 2020 compared to a decline of 3.9 per cent predicted in our late-April GEO. This reflects downward revisions to the eurozone and the UK and, most significantly, to emerging markets (EM) excluding China," said Brian Coulton, Chief Economist, Fitch Ratings.