S&P slashes emerging market GDP forecasts

London — Ratings agency S&P Global cut its emerging market forecasts on Monday, predicting a 4.7% slump on average in 2020 due to the coronavirus, and warned that all countries would be left with permanent scars.

"We project the average EM GDP to decline by 4.7% this year and to grow 5.9% in 2021. Risks remain mostly on the downside and tied to pandemic developments," S&P said in a report. Out of a total of nearly 1,800 negative ratings actions — either downgrades or rating “outlook” cuts — taken by S&P between January and June, 420 were in emerging markets.

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