India’s growth to slow next year: Moody’s forecast

India's growth to slow next year: Moody's forecast

International rating agency Moody’s has predicted that India’s economic growth will slow next year.

US-based rating agency Moody’s has released a report on the economies of the Asia-Pacific (APAC) region. Last August, Moody’s predicted that India’s GDP growth would slow to 8 percent in 2022, 8.5 percent in 2021 and 5 percent in 2023. Today (August 24) ‘Moody’s Analytics’ report stated.

The Asia Pacific region is unlikely to face a recession next year. However, high interest rates and slow economic growth are major headaches. Investments in technology, agriculture and manufacturing can accelerate India’s growth.

If inflation continues, the Reserve Bank will raise the repo rate above 6 percent. This will reduce GDP. China is not the only vulnerable position in the global economy. India’s export value declined in October compared to last year. However, India is less dependent on exports than China as an opportunity for growth.

Moody’s Asia Pacific Chief Economist Steve Cochrane said economic growth in 2023 will be lower than in 2022 due to India and other key countries in the Asia Pacific region, delays in opening the Covid-related lockdown and an expected slowdown in Europe. Slowdown in the United States and China.’

This is what he said.

Last month, the International Monetary Fund (IMF) forecast global economic growth to slow from 6 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. The IMF chief economist said India could be a bright spot at a time when many countries around the world are facing recession.

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