Goldman Sachs Slashes India’s GDP Forecast for 2023 to 5.9%
22nd Nov 2022
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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.
- 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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