Nation

Moody's lowers India's growth forecast for 2022 to 8.8 pc

By Jasleen Kaur -- May 26, 2022 6:30 pm -- Updated:May 26, 2022 6:30 pm

New Delhi, May 26: Rating agency Moody's on Thursday lowered India's economic growth forecast for 2022 by 30 basis points to 8.8 per cent from its earlier projection of 9.1 per cent announced in March.

However, for the calendar year 2023, rating agency Moody's has maintained its India's GDP growth forecast unchanged at 5.4 per cent. "We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent, while maintaining our 2023 growth forecasts at 5.4 per cent," Moody's said in a report.

Moody's lowers India's growth forecast for 2022 to 8.8 pcAlso Read | Yasin Malik kept in Tihar jail's separate cell, won't be entitled to furlough

In its update to Global Macro Outlook 2022-23, Moody's Investors Service Moody's said the rise in crude oil, food and fertiliser prices would weigh on household finances and spending in the months ahead.

Rate hike to prevent energy and food inflation from becoming more generalized will slow the demand recovery's momentum, the rating agency said.

Also Read | Pay more for third-party motor insurance from June 1

Moody's lowers India's growth forecast for 2022 to 8.8 pc

-PTC News

  • Share