Moody's cuts India's economic growth forecast for 2022 again
Xinhua News Agency, New Delhi, May 26 (Reporter Hu Xiaoming) International credit rating agency Moody's on the 26th lowered its forecast for India's economic growth in 2022 to 8.8% from the previous 9.1%, while maintaining the country's economic growth rate in 2023. 5.4%.
Moody's said in a report on the same day that the growth momentum of the Indian economy starting in the fourth quarter of 2021 has continued in the first four months of this year.However, rising crude oil, food and fertilizer prices will weigh on household finances and spending in the coming months.Rate hikes to curb any further rise in inflation will slow the recovery in demand.
The report also pointed out that strong credit growth and a substantial increase in business investment intentions indicate that the investment cycle is strengthening.India's economy will still grow steadily unless crude oil and food prices rise further.
Moody's released its economic outlook report in March this year, which lowered its forecast for India's economic growth in 2022 to 9.1% from the previous 9.5%, and lowered its forecast for the country's economic growth in 2023 from 5.5% to 5.4%.
