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  HOME PAGE 29/06/2022 19:12 
26.05.2022 21:27 News >> Moody's Cuts GDP Growth Forecast For G20

Moody's Cuts GDP Growth Forecast For G20

Moody's expects Russian economy to narrow by 7% this year.

Moody's on Thursday lowered its 2022 growth forecast for G20 countries from 3.6% to 3.1%, while increasing its inflation expectations.
"Main drivers of the slowing economic momentum are ongoing supply shocks that are stoking inflation and eroding consumer purchasing power, and a shift toward more hawkish monetary policy globally, accompanied by financial market volatility, asset repricing and tighter credit conditions," the international credit rating agency said in its Global Macro Outlook report.​​​​​​​
Moody's stressed that the economic recovery in the post-pandemic era faces several challenges, including Russia's war on Ukraine and China's strong measures against resurgent coronavirus outbreak under its to zero-COVID policy.
The report forecasted that G-20 countries' economy would expand by 2.9% in 2023.
On average, they had secured 5.9% growth in 2021.
Over 2022 and 2023, GDP growth in advanced economies was projected as 2.6% and 2.1%, respectively, while it was 3.8% and 4.2% in emerging markets, and 2.5% and 2.3% for the eurozone.
By country, the report forecast the US economy growing by 2.8% and 2.3%, Germany by 1.8% and 2.6%, the UK by 2.8% and 1%, France by 2.2% and 1.4%, China by 4.5% and 5.3%, and Turkiye by 3.5% and 4%.
The report's only negative projection was of Russia, with minus 7% and minus 3% over the same period. -



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