New Delhi: The global credit rating agency Moody's Investors Service has raised its earlier estimate of India's economic growth rate to 2.5% in the calendar year 2020. He had earlier projected it to be 5.3%. Due to the coronavirus and the consequent ban on movement in the country and the world, the economic cost increased and due to this, the country's growth rate is expected to decrease.
The growth in the year 2019 is estimated to be 5%. Moody's said that India may have a sharp decline in 2020 in terms of projected growth. This may affect the rate of improvement in domestic demand and economic conditions in 2021 more than before. The agency has said that banks and non-banking financial companies in India are already facing major hurdles to get loans in India due to acute shortage of cash.
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Moody's said that there will be a slowdown in the global economy in 2020, which is expected to improve in 2021. The agency said that we have lowered our estimate of global economic growth rate due to high economic costs due to corona virus. Moody's has said that the growth rate of the global economy will decrease by 0.5% in 2020 and it will increase to 3.2% in 2021. In November last year, Moody's had estimated that the growth rate of the global economy would be 2.6%.
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