New Delhi: Moody's Investors Service on Monday cut its growth forecast for India to 5.3 per cent for 2020 from 5.4 per cent estimated earlier, as it expects the coronavirus outbreak to dampen domestic demand globally. In its update on Global Macro Outlook for March, Moody's said the virus outbreak has spread rapidly outside China to a number of major economies. "It now seems certain that even if the virus is steadily contained, the outbreak will dampen global economic activity well into Q2 of this year," it said. Moody's baseline forecasts assume that the number of cases would keep increasing globally and there would be travel restrictions through the April-June period. Apart from supply chain disruptions, it also expects consumption and investment to be affected and prices of oil and other commodities to remain around current lows until the end of June. Accordingly, Moody's has revised growth forecasts for G20 economies to 2.1 per cent, 0.3 percentage point lower than the previous baseline.