IndiaSecond COVID wave could crimp India s long-term growth -Moody s
Swati Bhat
3 minute read
People walk at a crowded market amidst the spread of the coronavirus disease (COVID-19), in the old quarters of Delhi, India, April 6, 2021. REUTERS/Anushree Fadnavis/File Photo
India s severe second wave of coronavirus infections will slow near-term economic recovery and could weigh on longer-term growth dynamics, rating agency Moody s Investors Service said in a note on Tuesday. Deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further credit pressure, said Gene Fang, Moody s Associate Managing Director.
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PTI
India`s severe second wave of coronavirus infections will slow near-term economic recovery and could weigh on longer-term growth dynamics, rating agency Moody`s Investors Service said in a note on Tuesday. Deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further credit pressure, said Gene Fang, Moody`s Associate Managing Director.
India`s COVID-19 crisis showed little sign of easing on Tuesday, with a seven-day average of new cases at a record high and international health authorities warning the country`s variant of the virus poses a global concern.
Moody s anticipates a wider fiscal deficit of about 11.8 per cent of GDP in 2021/22.
India s severe second wave of coronavirus infections will slow near-term economic recovery and could weigh on longer-term growth dynamics, rating agency Moody s Investors Service said in a note on Tuesday. Deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further credit pressure, said Gene Fang, Moody s Associate Managing Director.
India s COVID-19 crisis showed little sign of easing on Tuesday, with a seven-day average of new cases at a record high and international health authorities warning the country s variant of the virus poses a global concern.
Gene Fang of Moody s explains the rationale behind lowering of India GDP forecast
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Last Updated: May 12, 2021, 11:04 AM IST
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Synopsis This being the second such shock in a year, it could be an added burden for consumers and small businesses. We therefore expect that the recovery, when it begins, will be somewhat muted compared to what we had previously expected, he says.
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Gene Fang, Associate Managing Director, Sovereign Risk Group, Moody s Investors Services (Photo: Moody s).
Gene Fang, Moody s Investors Services, says he would like to see some key economic metrics beginning to stabilise before effecting a reset in India s growth forecast. Edited excerpts:
Second Covid wave could crimp India s long-term growth: Moody s
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Second Covid wave could crimp India s long-term growth: Moody s
PTI / May 11, 2021, 19:00 IST
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MUMBAI: India s severe second wave of coronavirus infections will slow near-term economic recovery and could weigh on longer-term growth dynamics, rating agency Moody s Investors Service said in a note on Tuesday. Deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further credit pressure, said Gene Fang, Moody s Associate Managing Director.
India s Covid-19 crisis showed little sign of easing on Tuesday, with a seven-day average of new cases at a record high and international health authorities warning the country s variant of the virus poses a global concern.