2020 to see 3.1 per cent decline in Indian economy: Moody's

(PTI) New Delhi, Ta. Monday, June 22, 2020

The Moody's Investors Service estimates that the Indian economy will shrink by 3.1 per cent in 2020. Moody's said in a report that the escalating border dispute with China would increase political tensions in Asia.

According to Moody's, the Indian economy will grow at 6.9 per cent in 2021. Moody's said in its June report that the April-June quarter of 2020 would be the worst for the global economy since World War II.

However, the last six months of 2020 will see a recovery in the economy. However this recovery is based on the fact that some lockdown is being opened by the governments of the world.

According to capital estimates, China will be the only country in the G-20 to see economic growth. Moody's estimates that China will grow at 1 percent in 2020 and 7.1 percent in 2021. Moody's estimates that the G20 economies will shrink by 4.6 per cent in 2020. However, in 2021, it will see a growth of 5.2 per cent.