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. India’s growth projection chopped to 9.5% from 11% because of the Covid-19 outbreak. In contrast, China’s forecast was nudged up to 8.3% from 8%, Brazil’s was hoisted to 4.7% from 3.4%, Mexico’s to 5.8% from 4.9%.
In contrast, China’s forecast was nudged up to 8.3% from 8%, Brazil’s was hoisted to 4.7% from 3.4%, Mexico’s to 5.8% from 4.9% while those of South Africa, Poland and Russia were lifted to 4.2%, 4.5% and 3.7%, respectively, from 3.6%, 3.4% and 3.3%.
“The top risk facing emerging market economies (EMs) is a slower-than-expected rollout of the vaccines,” S&P’s economists said in a new report, adding that the pandemic would only subside once vaccinations “reach a level consistent with herd immunity”.
