S&P Global Ratings on Monday cut its estimate for India's GDP growth in the fiscal starting April 1 to 5.2 per cent from its earlier estimate of 6.5 per cent, as it saw the outbreak of coronavirus costing economies around the globe.
It put "the total and permanent income loss for Asia-Pacific from COVID-19 at approximately USD 620 billion."
"S&P Global Ratings believe this, together with a loss of household and business confidence in these economies, will translate into severe and more persistent supply and demand shocks across the region. Unemployment rates will rise."
Domestic demand will be hit almost everywhere by restrictions on movement and risk aversion. "External spillovers will be felt through four channels - people flows -- travel, tourism, and education; trade-demand for the region's exports; supply chains--disruptions to production; and commodity prices."