Moody's ups India's GDP growth projection for 2023 to 5.5%

Category : Business and economics Published on: March 03 2023

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Moody's Investors Service has raised India's economic growth estimate for 2023 to 5.5 percent from 4.8 percent pegged earlier.
India’s growth rate in 2023 is the highest among G20 countries, according to Moody’s projection. It’s followed by China with 5 percent growth and Indonesia with 4.8 percent. The US is expected to grow by 0.9 percent, the Euro area by 0.5 percent, Japan by 1.5 percent, and the UK by -0.4 percent.
According to government data released on Tuesday, India’s GDP growth declined to 4.4 percent in the December 2022 quarter as against 6.3 percent growth in the September 202 quarter.
Moody's now expects India's real GDP growth to be 5.5% in 2023, up from the earlier projection of 5%, and to be 6.5% in 2024.