Fitch cuts India FY23 GDP growth forecast to 7% – Global rating agency Fitch has slashed India’s economic growth forecast for fiscal 2022-23 (FY23) to 7% from its June 2022 estimate of 7.8%. Fitch also expects the GDP will get slowed further to 6.7% in FY24 as compared to its earlier forecast of 7.4%.
- As per Fitch, the world GDP will grow by 2.4% in 2022 – revised down by 0.5% points (ppt) since the June assessment – and by just 1.7% in 2023, a cut of 1 percentage points (ppt).
- US growth has also been revised down to 1.7% in 2022 and 0.5% in 2023, revisions of 1.2pp and 1.0pp respectively.
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