![]() ![]() ![]() The rating agency expects Malaysia “to make progress on fiscal consolidation throughout 2021-2022, as oil prices rebound, and an economic recovery facilitates the roll-off of temporary stimulus measures implemented to cushion the pandemic’s effects.” However, the majority of rated sovereigns in the Asia Pacific (APAC), stressed Fitch, “will see a sustained increase in general government (GG) debt as a share of GDP in 2020-2022, reflecting the lingering fiscal impact of the coronavirus pandemic and the efforts to counter it”. Economic growth will turn positive for Asia in 2H20, but the process of fiscal consolidation is set to be more protracted for the region,” added Fitch. “But with the coronavirus yet to be contained, the pace of the global recovery will slow from 4Q20. Fitch has revised up its 2020 GDP forecasts for China and the US, partly offset by deeper expected declines in the eurozone, the UK and India. It now forecasts the annual decline in world GDP in 2020 at -4.4 per cent compared with -4.6 per cent in June. Fitch Ratings, in its September 2020 Global Economic Outlook Forecast, stressed that the initial phase of economic recovery from coronavirus-related lockdowns has been faster than expected. ![]()
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