Recession in Asia-Pacific region is now guaranteed: S&P

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Recession in Asia-Pacific region is now guaranteed: S&P

Mar 18, 2020 13:56 IST

Asia-Pacific economic growth for the year will more than halve to less than 3% as the global economy enters a recession, according to S&P Global Ratings. An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific, the ratings agency said. The agency's estimate of permanent income losses is likely to at least double to more than $400 billion. S&P lowered its growth forecast for China, India, and Japan for 2020 to 2.9%, 5.2%, and negative 1.2%, respectively.

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