Standard & Poor's Ratings Services said Thursday it was lowering its economic growth forecasts for China and Japan, while raising the outlook for India. For China, S&P now sees 2015 gross domestic product rising 6.9%, down from a previous projection of 7.1% growth. For 2016, it cut China's GDP expansion to 6.6% from 6.7%. For Japan, it trimmed the 2015 forecast to just 0.7% growth from 1.3%, while for next year, it sees 1.3% growth, down from 2.1%. "The twin factors of strengthening U.S. economy and lower oil prices have yet to lift economic data in much of Asia-Pacific," S&P said in a statement. However, it raised its India outlook, citing new data methodology, but also rising investment and the same lower oil prices. S&P is now calling for the Indian economy to grow 7.9% in the fiscal year ending March 2016, up from a previous forecast of 6.2%. For the year ending March 2017, it sees 8.2% growth, vs. 6.6% previously.
Copyright © 2015 MarketWatch, Inc.