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India GDP: Fitch cuts FY21 growth projections further, expects 10.5% contraction

Fitch Rating said India's GDP will contract 10.5 percent, as against an earlier estimate of 5 percent.

September 09, 2020 / 18:29 IST
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Fitch Ratings has revised India's gross domestic product (GDP) outlook for FY21, stating that it will contract 10.5 percent, as against an earlier estimate of -5 percent.

According to official data released on August 31, India's GDP contracted 23.9 percent during the April-July quarter, hammered by the COVID-19 pandemic and a consequent stringent lockdown.

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Fitch forecasts global GDP to contract 4.4 percent in 2020, a slight upward revision from the earlier projection of -4.6 percent.

"Official data have now revealed the extent of the economic dislocation in 2Q20 with world GDP falling by 8.9 percent yoy and many countries seeing falls in output of a fifth or more," Fitch said in a statement.