Moody’s cuts India’s GDP growth forecast for 2019-20 to 5.6% from 5.8%
By Hindustan Times 14-Nov-2019
- On Thursday, Moody’s Investors Service slashed India’s economic growth forecast to 5.6% for 2019, calling it as government's weakness in addressing consumption demand.
- “India’s economic slowdown is lasting longer than previously expected.” Moody’s report said over India’s economic growth forecast for 2019-20.
- It added, India’s economic growth has decelerated since mid-2018, with real GDP growth slipping from nearly 8% to 5% in the second quarter of 2019.
- It says though the government has undertaken several measures to arrest the growth slowdown include bank recapitalization but none of these measures directly address the weakness in consumption demand.
- Moody’s said while its baseline forecasts assume that economic momentum will pick up, there are risks to the downside.
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