Earlier in May, it had predicted a 6.3% growth rate for China, reported Reuters. However, the agency said the revision in China's growth estimates will have limited impact on the global economy, as imports to China continue to dip.
The analysts said overall growth in emerging markets will stabilise, but added that the upcoming United States presidential election may pose some risks for the global economy. An analyst with Moody's told PTI, "The political and geopolitical risks, including a rise in nationalist and protectionist policies, are among the downside risks to global growth." According to the firm, if there is a change in global trade pacts and security alliances, export-oriented Asian economies will be at risk, reported IANS.
Moody’s also revised its predictions for Brazil and Russia and said the two will see growth at a higher rate. Turkey and South Africa, on the other hand, are reported to slow down.
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