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Moody’s Investor Service on Tuesday has lowered its growth forecast for India in the current fiscal to 9.3 per cent from 13.7 per cent because of the second wave of the coronavirus running amock in the country.
Moody’s reiterated its lowest investment grade “Baa3” rating for the country with a negative outlook.
“As of now, we expect the negative impact on economic output to be limited to the April-June quarter, followed by a strong rebound in the second half of the year. As a result, we have revised our real, inflation-adjusted GDP growth forecast down to 9.3 per cent from 13.7 per cent for fiscal 2021 and to 7.9 per cent from 6.2 per cent in fiscal 2022. Over the longer term, we expect growth of around 6 per cent thereafter,” Moody’s said.
Moody s expects economy to rebound in two years - Newspaper dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
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ISLAMABAD: Moody’s Investor Service on Wednesday forecast Pakistan economy will grow by 1.5pc during the current fiscal year and found Pakistani banks to be stable owing to government support but banking sector risks were growing.
“Economic activity will remain below pre-outbreak levels, although the economy should return to modest 1.5pc growth in fiscal year 2021,” Moody’s said in its outlook for the Pakistani banking sector. This is generally in line with 1.5-2.5pc growth forecast for Pakistan GDP by the State Bank compared to World Bank’s 0.5pc GDP growth rate for the current fiscal year.
Long-term credit growth potential for Pakistani banking system was strong, given Pakistan’s large unbanked population, the agency said. The stable outlook reflected banks’ solid funding and liquidity, although a challenging but improving operating environment will weigh on asset quality and profitability.