Moody's cuts India's 2022 GDP growth forecast2 min read 01 Sep 2022, 10:09 AM IST
Rising interest rates, uneven distribution of monsoons, and slowing global growth could dampen India's economic momentum on a sequential basis: Moody's
Moody's Investors Service expects India's GDP growth to slow from 8.3% in 2021 to 7.7% in 2022 and to decelerate further to 5.2% in 2023. In March, Moody's had forecast that India's economy could expand at 8.8% in 2022. Data released on Wednesday showed that Indian economy expanded 13.5% year-on-year in the April-June quarter, the fastest pace in a year, but economists said growth is likely to lose momentum in coming quarters as higher interest rates and global slowdown cool domestic economic activity.
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