BIG: Moody's revises India's 5.3% GDP growth forecast amid Coronavirus; new figures here

Influential Moody's Investors Service has slashed India's 2020 GDP growth projection from its earlier forecast of 5.3% to 2.5% amid global Coronavirus pandemic.

“ governments of India (Baa2 negative) and South Africa (Baa3 negative) have anunced 21-day lockdowns. We expect se measures to dampen ecomic growth in both countries this year. For India, we are w projecting growth rates of 2.5% in 2020 followed by 5.8% next year," Moody’s said in its Global Macro Outlook.

It expects G-20 Ecomies to experience a shock in first half of year, which will have an effect on rest of year, before country will rebound in 2021.

Moody's has also pegged Coronavirus source China's 2020 GDP growth to 3.3% in 2020 and forecasted it to grow at 6% in 2021, backed by consumer demand growth.

Indian government had earlier projected GDP growth at 5% in 2019-20 as compared to 6.1% in 2018-19. Q3 had witnessed a 4.7% growth.

India has anunced a Rs 1.7 lakh crore Coronavirus relief pack, split between assuring food security and Direct Benefit Transfer cash-transfer as country observes a 21-day lockdown to combat COVID-19, of which over 700 infections have been confirmed thus far.