S&P Global cuts India's growth forecasts, trims Malaysia and EM overall

The estimates, which feed into S&P's closely-followed sovereign ratings, saw India's growth projection chopped to 9.5% from 11% due to its COVID-19 outbreak, the Philippines' lowered to 6% from 7.9% and Malaysia's downgraded to 4.1% from 6.2%.

LONDON: S&P Global cut its growth forecasts for some of Asia's top economies including India, the Philippines and Malaysia on Monday, offsetting upgrades to China and South Africa and much of Latin America.

The estimates, which feed into S&P's closely-followed sovereign ratings, saw India's growth projection chopped to 9.5% from 11% due to its COVID-19 outbreak, the Philippines' lowered to 6% from 7.9% and Malaysia's downgraded to 4.1% from 6.2%.