Ratings agency Moody’s has just lifted its forecast for China’s GDP growth rate in 2020, as its economy makes an advance recovery from the impacts of the COVID-19 pandemic.
Moody’s sees China’s economy maintaining growth amidst a global slump induced by the spread of the Novel Coronavirus.
“With the exception of China, we expect economic activity in every G-20 economy to fall this year,” said Moody’s in the August edition of its Global Macro Outlook.
“Our only upward revision for 2020 growth was for China, which we raised to 1.9% from 1.0% following a stronger-than-expected Q2 rebound in real GDP.”
The report lifted its growth rate forecast for the G20 emerging economies to -1.4% in 2020 from 1.6% previously based solely on China’s contribution.
According to Moody’s the growth rate for the G20 emerging economies falls to -5.6% if China is excluded, as compared to -4.8% previously.
Moody’s forecasts a 4.6% contraction in the global economy in 2020, followed by a rebound to 5.3% next year.