Fitch Ratings projects Indian economy to contract 10.5% this fiscal. Fitch Ratings projected a massive 10.5 per cent contraction of India’s economy in the current financial year. India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June.
India’s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown.
“GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven,” Fitch said.
In its September update of Global Economic Outlook (GEO), Fitch said, the deepest recessions were in India, the UK and Spain, countries that saw particularly large shocks in daily mobility data on visits to retail and recreation venues, and where lockdowns were stringent and long-lasting throughout 2020 (April-June).
- CEO: Paul Taylor
- Founder: John Knowles Fitch
Expected Questions for Competitive Exams:
1) The World Bank in its latest Global Economic Prospect downgraded its projection of growth of India by which percentage – 9%
2) What is the India’s economic growth projection for 2020 – 21 fiscal year as per Fitch – 0.8%
3) Where is the Headquarters of Fitch Located? – New York, New York, United States
4) Global Ratings agency Moody’s Investors Service downgraded India’s Sovereign Ratings from – Baa2 to Baa3
5) Name the Report which is released by Fitch –World Economic Outlook
6) World Bank forecast India growth for FY21 at what percent? – 1.5-2.8%
7) Ease of Doing Business Report is released by which organization? – World Bank
8) Who is the President of World Bank – David R. Malpass
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