S&P slashes emerging market forecasts, warns of permanent scars

Rating agency S&P Global cut its emerging market growth forecasts on Monday, predicting a 4.7% slump on average this year due to the coronavirus and warned that all countries would be left with permanent scars too.The firm said the downward GDP revisions mostly reflected the overall worsening pandemic for many emerging markets and a larger hit to foreign trade compared to its last set of expectations in April that predicted a 1.8% contraction.It added that there would permanent output losses