S&P Forecast on Impact of COVID 19

Published on March 24, 2020
Current context: Standard & Poor’s rating agency has released its forecast on 23rd March 2020, on the impact of COVID 19.
S&P Forecast on Impact of COVID 19
  • S&P has forecasted the permanent income loss for the Asia-Pacific region, including India, from the impact of Covid-19 to $620 billion, 55% higher than its previous projection.
  • It has cut its forecast of the region’s economic growth to 2.7% for 2020 from the 3% expansion, it projected on 18th March 2020.
  • For India, it estimated a 5.2% growth in 2020-21 (April 2020 to March 2021).
  • In the following year, it projects a 6.9% growth, down from 7 % earlier for 2021-22.
  • It has put the real GDP estimate at 5% for the current fiscal.
  • It estimated a 7% growth in 2022-23 and 2023-24 fiscal years.
  • S&P said a recession across Asia-Pacific is now guaranteed due to:
    1. A deep first-quarter shock in China and,
    2. The shutdown of activities across G7 economies

Question: 

Q.1 The Standard & Poor’s agency has recently estimated a _______ percent growth in 2020-21 (April 2020 to March 2021 for India?
a. 4.2
b. 4.8
c. 5.2
d. 5.8

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