Fitch slashes India's GDP growth forecast to 7%
The Hindu
It its latest global economic outlook, Fitch forecasts a recession in the U.K. and the Eurozone apart from a mild recession in the U.S. in mid-2023.
Fitch Ratings on Thursday, September 15, 2022, lowered its growth forecast for the Indian economy to 7% in 2022-23 from 7.8%. The rating agency also said the Indian economy growth for the next 2023-24 fiscal to slow further to 6.7% from 7.4% projected before.
Also read: India, 7% plus annual growth, and the realities
Fitch has also slashed the global growth forecasts to 2.4% for 2022 from 2.9% in view of the European gas crisis, high inflation and a sharp acceleration in the pace of global monetary policy tightening that is taking a heavy toll on economic prospects.
“The eurozone and U.K. are now expected to enter recession later this year and Fitch forecasts that the U.S. will suffer a mild recession in mid-2023,” it said in its latest global economic outlook
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