Indian economy to shrink 3.1% in 2020 fiscal projects Moody’s Investors Service.

Moody’s Investors Service has released its June update to Global Macro Outlook (2020-21). In its latest release, the rating agency projected the Indian economy to shrink 3.1% in the fiscal year 2020, citing the extent of coronavirus-related disruption. It also forecasts Indian economy to register 6.9% growth in fiscal year 2021.

Global Macro Outlook also indicated that China would be the only G-20 country to record growth of 1% in fiscal year 2020 and expects it to grow at 7.1% in fiscal year 2021. Moody’s also forecasted the growth of G-20 economies and expects it to contract by 4.6% in fiscal year 2020 followed by 5.2% growth in 2021.