In the wake of coronavirus pandemic, rating agency Fitch Ratings has made further cuts to its world GDP forecasts in its latest Global Economic Outlook (GEO), released on Tuesday.
The biggest forecast cut was for India where Fitch now anticipates a 5% decline in FY21 in contrast to an earlier forecast of growth of 0.8%.
Fitch said world GDP is forecast to fall by 4.6% in 2020 as compared to a decline of 3.9% predicted in late April. Fitch expects output in emerging markets, excluding China, to fall by 4.5% this year as against the earlier predicted fall of 1.9%.