Moody’s cuts GDP forecast to 7% from 7.7% – Times of India

NEW DELHI: Global ratings agency Moody’s Investors Service lowered India’s GDP growth forecast on Friday to 7% from 7. 7% for 2022, citing higher inflation, high interest rates and slowing global growth.
Moody’s expects growth to decelerate to 4. 8% in 2023 and then to rise to around 6. 4% in 2024. It said the downward revision also assumes that slowing global growth will dampen economic momentum by more than what the agency had previously expected.
Moody’s said the weakening of the rupee and high oil prices continue to exert upward pressures on inflation, which has remained above the RBI’s target inflation range (2%-6%) for much of this year.
Several agencies, banks, brokerages and economists have cut India’s GDP growth forecast for the current financial year. The government and the RBI expect the economy to grow by 7% this fiscal year.

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