(MENAFN)
An American credit rating agency, Moody's Investors Service (MIS), has reduced its Indian GDP expansion prediction for 2020 to 2.5 percent on Friday from an earlier prediction of 5.3 percent over coronavirus outbream.
The MIS said that "The governments of India (Baa2 negative) and South Africa (Baa3 negative) have announced 21-day lockdowns. We expect these measures to dampen economic growth in both countries this year. For India, we are now projecting growth rates of 2.5 percent in 2020 followed by 5.8 percent next year".
India has started a lockeddown across the country for 21 days earlier this week in order to stop the spread of coronavirus that left 19 people dead so far.
The government of the country has predicted a GDP expansion of 5 percent in 2019-20 in comparison with 6.1 percent in 2018-19, the third quarter saw an expansion of 4.7 percent.
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