Bank of America lowers India's growth rate forecast for second time in 2 days, risks global recession

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New Delhi, March 19, 2020 Thursday

Bank of America Securities has lowered India's economic growth forecast twice in 48 hours amid fears of a global economic downturn. Bank of America Securities lowered its estimate for the first quarter (April-June) of 2020-21 from 0.90 percent to 3.1 percent.

The risk of a recession on the global economy

Similarly, Bank of America Securities has projected GDP growth for the entire fiscal year to decrease by one percent to 4.1 percent. The corona virus epidemic is pushing the global economy toward a slowdown. Given this, this financial services company has reduced India's growth estimate twice in two days.

New estimate of 4 percent economic growth

On Wednesday, Bank of America Securities lowered its June-June 2020-21 forecast for June-June 2020-2, down 0.80 points to 4 percent and the quarter-ending quarter for the current fiscal year was reduced from 4.30 percent to 4 percent.

The global economy is slowing down

Bank of America Securities also projected its growth forecast for the next full financial year on Wednesday at 5.5 percent. It predicted on Wednesday that the global economic growth rate will drop to 2.2 this time around 2020 due to the Corona virus crisis. But now it has been reduced to only 0.4 percent.

Bank of America Securities reports that the Reserve Bank of India may reduce its repo rate by one percent in the next financial year. The report estimates that inflation in India will fall to 2.5 percent in the second half of 2020-21.

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