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Moody's slashes India's GDP growth forecast to 6.2% for 2019

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Christian Fernsby ▼ | August 26, 2019
India
Asia   Moody's has slashed India's growth projection by 60 basis points

Moody's on Friday lowered India's GDP growth forecast to 6.2 per cent from 6.8 per cent for running calendar year.

Topics: India GDP forecast

The forecast is significant with the fact that Moody's has slashed India's growth projection by 60 basis points (100 basis points equal 1 percentage point).

The rating agency has underlined that the economy has remained sluggish due to multiple factors including weak hiring, distress among rural households and tighter financial conditions.

Similarly, the projection for the year 2020 has also been lowered by 60 basis points to 6.7 per cent.

On Friday, Moody's announced the revision in its forecast for 16 Asian economies.

Moody's said that despite stable private and public consumption in the Asian region, GDP growth has hampered by weaker trade and investment.


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