S&P slashes emerging market GDP forecasts
Revisions reflect that the Covid-19 pandemic is likely to worsen in many emerging markets
14 July 2020 - 00:32
London — Ratings agency S&P Global cut its emerging market forecasts on Monday, predicting a 4.7% slump on average in 2020 due to the coronavirus, and warned that all countries would be left with permanent scars.
The firm said the downward GDP revisions mostly reflected the fact that the pandemic was worsening in many emerging markets and set to cause a larger hit to foreign trade than foreseen in April, when S&P predicted a 1.8% contraction...
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