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Moody's Slashes India's Economic Growth Outlook For 2022 To 7% From 7.7%
Moody's cuts India's gross domestic product growth outlook for this year Moody's slashed India's economic growth projection for 2022 to 7.0 per cent from 7.7 per cent, as a global slowdown and rising domestic interest rates would dampen economic momentum. In September, it had reduced its estimates for the current year to 7.7 percent from 8.8 percent in May. "For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent. The downward revision assumes higher inflation, high-interest rates and slowing global growth will dampen economic momentum by more than we had previously expected," the agency said in its Global Macro Outlook 2023-24. India grew at 8.7 per cent in the 2021-22 fiscal (April 2021 to March 2022). That follows a series of recent cuts to India's gross domestic product growth forecasts for this year. The recent downgrades to the growth outlook are not limited to India; the predictions for the global economy and other major countries, too, have been slashed, with outright recession expected in some leading economies. Source - NDTV
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