New Delhi: Moody's Investors Service on Tuesday said India, China and Indonesia will be the only G-20 emerging economies to post a strong enough pick up of real GDP in the second half of 2020, and retained its projection of 3.1 per cent growth contraction for India in 2020.
"The economic outlook of emerging market countries is more challenging than in advanced economies. In our baseline projections, China, India and Indonesia will be the only G-20 emerging economies to post a strong enough pick up of real GDP in the second half of 2020 and full-year 2021 to end next year above pre-coronavirus levels," Moody's said in the August update of Global Macro Outlook 2020-21.
For 2021 year, Moody's has projected Indian economy to grow 6.9 per cent.
The Indian economy grew at the slowest pace in 11 years at 4.2 per cent in 2019-20.
Moody's said an economic recovery is underway, but its continuation will be closely tied to containment of the virus.
Economic data show a quick rebound in goods consumption in a number of advanced economies. However, pandemic fears will continue to hinder a complete recovery.
It projected a 4.6 per cent contraction for G-20 economies in 2020, followed by 5.3 per cent growth in 2021.