Moodys on GDP | Moody’s down 9.1 percent
March: International rating agency Moody’s announces that India is cutting its growth rate to 9.1 percent for the current year. The rating agency said on Thursday that it was cutting its previous growth estimate of 9.5 percent on the grounds that government capital expenditure would be limited due to the high energy and fertilizer import bill. Moody’s said high crude prices would slow India’s growth as a major importer of crude oil, but that the impact of higher international food prices would not be on India, which is a country with surplus foodgrains and exports of agricultural products.
Taking all these factors into consideration, it said it was reducing the growth rate to 0.4 percent by 2022 and projected a growth rate of 5.4 percent in 2023. Inflation is projected to be 6.6 percent by the end of 2022. The Indian economy grew by 8.2 percent in the 2021 calendar year, while GDP declined by 6.7 percent in 2020 due to the Covid crisis.
The war was a blow to global economic development
Moody’s said that Russia’s military invasion of Ukraine would slow global economic growth, increase commodity prices as a result of geopolitical tensions, and hurt the financial and business environment. New Kovid Waves, central bank monetary policy mistakes, said high inflation is a risk to the global economy.
China’s economy is projected to grow by 5.2 percent in 2022 and 5.1 percent in 2023. Russia’s economy is projected to slow to 7% in the G20 and 3% in 2023. Moody’s had previously predicted that the country’s GDP would grow by 2% before the attack on Ukraine and 1.5% next year.