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Moody's cuts India's 2022 GDP growth forecast to 7%, sees 2023 growth at 4.8%
Rating agency Moody's cut India's growth projections for the current and next calendar year due to higher inflation, high interest rates and slowing global growth that, it believes, will dampen economic momentum more than it had expected. Moody's said it now expects India's GDP growth to slow to 7% in 2022 –– versus its previous estimate of 7.7% –– and then decelerate to 4.8% in 2023, before recovering to around 6.4% in 2024. The Reserve Bank of India expects a 2022/23 growth of 7%. "Eventually, the RBI will likely shift from inflation management to growth considerations, provided that the rate increases have the desired effect of taming inflationary pressures." Moody's said the weakening Indian rupee and high oil prices will continue to exert upward pressure on inflation. Source: BusinessToday #Moodys #India #GDP
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