Join us as we follow the top business news through the day.9:30 AM‘Global economy to contract 4.4%, China to grow at 2.7%’ Fitch Ratings on Tuesday projected global GDP to contract 4.4% in the current year, but revised upwards China’s growth estimate to 2.7% for 2020.In its September update to the Global Economic Outlook (GEO), Fitch Ratings cut its 2020 GDP forecast for emerging markets, excluding China, to (-)5.7%, from (-)4.7% estimated in June, mainly on account of a huge downward revision to India GDP forecast for the financial year ending March 2021.Fitch has slashed India’s growth projection to (-)10.5% from (-)5% estimated earlier after official data released last week showed the April-June 2020 quarter GDP contracted by 23.9%.
