S&P Global Cut Its Emerging Market Growth Forecasts

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The coronavirus pandemic is affecting emerging markets (EM) to the point where rating agency S&P Global cut its growth forecasts for the EM space. The agency is predicting that a 4.7% fall in the gross domestic product (GDP) would result due to the effects of the pandemic.

Per a MSN report, S&P Global’s “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% contraction.”

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