India will suffer the biggest GDP loss globally, (GDP) loss of 11 percent , says S&P

[beijingwalker]

Coronavirus impact | India will suffer the biggest GDP loss globally, says S&P
India's GDP loss is nearly double that of Latin America and Africa and 5 to 6 times of the rest of & Asia, S&P added.
Jul 14, 2020 07:11 PM IST | Source: Moneycontrol.com

India will suffer the biggest gross domestic product (GDP) loss of 11 percent due to the COVID-19 pandemic, S&P said.

India's GDP loss is nearly double that of Latin America and Africa and 5 to 6 times of the rest of & Asia, S&P added.

S&P Global cut its emerging market growth forecasts on Monday, predicting a 4.7 percent slump on average this year due to the coronavirus and warned that all countries would be left with permanent scars too.

The firm said the downward GDP revisions mostly reflected the overall worsening pandemic for many emerging markets and a larger hit to foreign trade compared to its last set of expectations in April that predicted a 1.8 percent contraction.

It added that there would permanent output losses from the pandemic for all emerging markets, with the gap relative to pre-COVID GDP path as large as 11 percent in India, 6 percent-7 percent in most of Latin America and South Africa, 3 percent-4 percent in most of Emerging Europe, and 2 percent in Malaysia and Indonesia.

"We project the average EM GDP (excluding China) to decline by 4.7 percent this year and to grow 5.9 percent in 2021. Risks remain mostly on the downside and tied to pandemic developments," S&P said.

https://www.moneycontrol.com/news/b...-gdp-loss-globally-of-11-says-sp-5544301.html

 

[Feng Leng]

Now India needs a drought so a huge famine can set in.

 

[truthseeker2010]

This is more alarming:

"Economists at State Bank of India in a note on July 20 said that the country's debt-to-GDP ratio will expand to 87.6 percent at the end of the current fiscal from 67.4 percent in 2012."

 

[TNT]

And the indians used to boast day and night about their economy, i guess they will be quickly back to their reality.

 

[beijingwalker]

And the indians used to boast day and night about their economy, i guess they will be quickly back to their reality.

Now they are indeed the world's number one, from the bottom.

 

[Vikram1]

This is more alarming:

"Economists at State Bank of India in a note on July 20 said that the country's debt-to-GDP ratio will expand to 87.6 percent at the end of the current fiscal from 67.4 percent in 2012."

I guess you refering to this article.


"India’s debt to GDP ratio has increased gradually from Rs 58.8 lakh crore (67.4% of GDP) in FY12 to Rs 146.9 lakh crore (72.2% of GDP) in FY20. Higher level of borrowing this fiscal are likely to increase gross debt further to around Rs 170 lakh crore or 87.6% of GDP" the report said. Of this external debt is estimated at about 3.5 per cent of GDP and the stage government debt about 27 per cent of GDp, with balance from the central government.

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

 

[mmr]

Double digit decline!!

 

[mmr]

This is more alarming:

"Economists at State Bank of India in a note on July 20 said that the country's debt-to-GDP ratio will expand to 87.6 percent at the end of the current fiscal from 67.4 percent in 2012."

This means government can not spend too much on infrastructure...has to increase revenue...etc etc...not good.

 

[rishav]

Jai Google abbu invested 10 billion dollars in jio telecommunications. Let's all malnutrist slum dog millionaires perform lungi dance in severage water.

Google ,
FB ,
Foxconn ,
Pegatron ,
Hitachi ,
Walmart ,
Samsung
and many more .

 

[Arulmozhi Varman]

Singapore had 41pc loss in GDP growth. The loss was always expected. Everyone expects to be -11 to -20%. Let's see.
The Chinese and Pakistanis trolling here is quite funny though.

 

[beijingwalker]

It all depends on how fast India can put the virus under control and it doens't look good for now.

 

[truthseeker2010]

I guess you refering to this article.


"India’s debt to GDP ratio has increased gradually from Rs 58.8 lakh crore (67.4% of GDP) in FY12 to Rs 146.9 lakh crore (72.2% of GDP) in FY20. Higher level of borrowing this fiscal are likely to increase gross debt further to around Rs 170 lakh crore or 87.6% of GDP" the report said. Of this external debt is estimated at about 3.5 per cent of GDP and the stage government debt about 27 per cent of GDp, with balance from the central government.

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

Yes

This means government can not spend too much on infrastructure...has to increase revenue...etc etc...not good.

Yes more debt servicing as % of spending.

 

[DoTell]

This is where democracy will do wonders for the Indians.

Bad economy? We're a democracy.
Corruption untamed? We're a democracy.
Poor infrastructure? We're a democracy.
Everyone says sh!t no one listens? We're a democracy.

They will just put the blame on someone else, elect a new sucker and move on

 

[casual]

India was already in a recession even before covid19 hit.

 

[Han Patriot]

I guess you refering to this article.


"India’s debt to GDP ratio has increased gradually from Rs 58.8 lakh crore (67.4% of GDP) in FY12 to Rs 146.9 lakh crore (72.2% of GDP) in FY20. Higher level of borrowing this fiscal are likely to increase gross debt further to around Rs 170 lakh crore or 87.6% of GDP" the report said. Of this external debt is estimated at about 3.5 per cent of GDP and the stage government debt about 27 per cent of GDp, with balance from the central government.

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

Indian external debt is around 500bil and reserves are roughly the same. That's why India is constantly looking for dollars to sustain imports.