S&P Follows Moody's in Cutting Asian Forecasts on China Fears
- China's 2015 GDP forecast retained; 2016, 2017 lowered
- India's outlook maintained; Currencies expected to weaken
Stocks Rally in China, Japan on Economic Optimism
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Standard & Poor’s cut its growth forecasts for Asian economies, citing “abysmal” trade data and fears about China’s market stability, a day after Moody’s Investors Service made a similar reduction.
S&P now sees the region growing 5.4 percent in 2015 instead of 5.5 percent, dragged down by Indonesia, the Philippines, Singapore, Taiwan and Thailand. It also predicts that currencies will weaken.