The international rating agency Moody's has said that the economic growth rate of the G20 countries will decline by 4% this year due to the suspension of production and trade activities due to the corona virus lockdown, but next year their growth rate will be 4.8. According to a report released by Moody's yesterday, the global economy is being severely affected by the Corona virus lockdown, while production costs are also rising.
Moody's says the overall economic growth rate of the G20 developed countries is expected to slow to 5.8 percent this year, but is expected to grow to 4.2 percent in 2021, which is even lower than before Corona. It will take two years for the virus to reach pre-existing levels.
The agency said US economic growth is expected to slow to 5.7 percent this year, but is expected to improve to 4.2 percent next year.
On the eurozone, Moody's says the bloc's economic growth rate is expected to slow to 6.5 percent this year and 4.7 percent in 2021. However, it is expected to grow at 7.1 percent next year.
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