Credit ratings firm Moody’s revised upwards on Wednesday its economic forecasts for the year for the United States and emerging markets, but cut Europe’s following the region’s tough COVID-19 lockdowns.

Moody’s pushed up its US growth forecast to 4.7 percent, from the 4.2 percent it had expected in November.

Emerging market growth moved up to 7 percent from 6.1 percent, led by upward revisions to China, India and Mexico, while the euro zone and Britain saw their respective projections cut to 3.7 percent and 4.7 percent, from 4.7 percent and 5.2 percent previously.

“The effects on individual businesses, sectors and regions continue to be uneven, and the COVID-19 crisis will endure as a challenge to the world’s economies well beyond our two-year forecast horizon,” Moody’s said in a report on its new forecasts.ArabNews