Goldman Sachs Slashes India’s GDP Forecast for 2023 to 5.9%

Goldman Sachs Slashes India’s GDP Forecast for 2023 to 5.9%

• Goldman Sachs Group Inc. sees India’s economic growth slowing next year, citing a hit to consumer demand from higher borrowing costs and fading benefits from pandemic reopening, while lowering its growth forecast. Gross domestic product (GDP) may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year.
• “India’s investment cycle is linked closely to the global growth and export cycles, which is expected to be an additional source of domestic headwind. Goldman sees a pickup in investment cycle toward the second-half of 2023 aiding India’s growth rebound.
• Moody’s also lowered growth forecast for 2023 to 4.8% from 5.2% estimated earlier. Following the deceleration, the agency expects India’s economic growth to recover to 6.4% in 2024. The ratings agency, however, said that India’s underlying growth dynamics are fundamentally strong, boosted by a rebound in services activity.

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Published date : 21 Nov 2022 04:56PM