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Economy in deep trouble: S&P
News:
- According to S&P Global Ratings, Indian economy is in deep trouble with growth expected to contract by 5% this fiscal.
More in news:
- In its report titled ‘Asia-Pacific losses near $3 trillion as balance sheet recession looms,’ S&P projected the region’s economy to shrink by 1.3% in 2020.
- It projected the growth by 6.9% in 2021.
- This implies a loss nearing $3 trillion in output over these two years.
Causes behind the growth fall (As per S&P):
- Difficulties in containing the virus
- An anaemic policy response
- Underlying vulnerabilities, especially across the financial sector.