March 6, 2020 / 3:27 PM / 5 months ago

Global recession risks have risen due to coronavirus - Moody's

An employee wearing protective gear washes the floor after spraying disinfectant inside a passenger bus as a preventive measure against the coronavirus in Minsk, Belarus March 6, 2020. REUTERS/Vasily Fedosenko

LONDON (Reuters) - The coronavirus has increased the risk of a global recession this year, credit rating agency Moody’s said on Friday.

As part of a wholesale cut in its forecasts, Moody’s said that advanced economies including the United States, Japan, Germany, Italy, France, Britain and Korea could all fall into recession in an “adverse scenario”.

China’s GDP growth would fall below 4% even with substantive economic stimulus it added, while South Africa, to which Moody’s is important because it provides the country’s only remaining investment grade rating, would also struggle to grow.

Reporting by Marc Jones, edited by Julien Ponthus

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