LONDON:Credit ratings firm Moody鈥檚 revised upwards on Wednesday its economic forecasts for the year for the United States and emerging markets, but cut Europe鈥檚 following the region鈥檚 tough COVID-19 lockdowns.
Moody鈥檚 pushed up its US growth forecast to 4.7 percent, from the 4.2 percent it had expected in November.
Emerging market growth moved up to 7 percent from 6.1 percent, led by upward revisions to China, India and Mexico, while the euro zone and Britain saw their respective projections cut to 3.7 percent and 4.7 percent, from 4.7 percent and 5.2 percent previously.
鈥淭he effects on individual businesses, sectors and regions continue to be uneven, and the COVID-19 crisis will endure as a challenge to the world鈥檚 economies well beyond our two-year forecast horizon,鈥� Moody鈥檚 said in a report on its new forecasts.