Moody's Projects India as Fastest-Growing G20 Economy, Issues Outlook on Indonesia

On February 9, 2026, Moody's Ratings projected India's real GDP will grow by 6.4% in the upcoming fiscal year. This positions India as the fastest-growing economy among G20 nations.

Moody's attributes the forecast to strong domestic consumption and supportive policy measures.

The firm maintained a stable outlook on the country's banking system. Moody's expects asset quality to remain resilient, supported by a robust operating environment.

In separate actions, Moody's downgraded its outlook for Indonesia and several issuers from stable to negative. This downgrade affected five major Indonesian banks.

The decision contributed to weakness in the Jakarta Composite Index.