S&P Retains India's Growth Forecast at 6% for 2023-24 Despite Global Headwinds, Sees Higher Inflation

S&P retains India's FY24 growth forecast at 6% amid slowing world economy and monsoon risks
Sees recent vegetable price spike as temporary, but raises fiscal 2023 CPI forecast to 5.5% from 5% on oil
Maintains 6% FY24 growth view despite weaker outlook; sees 6.9% growth in FY25 and FY26
Q1 growth remained strong on consumption and capex, India leads Asia-Pacific region growth
But Asia-Pacific remains a 'multi-speed' region; S&P raises 2023 regional growth forecast to 3.9%

moneycontrol.com

Relevant topic timeline:

9/1/2023

Nomura, Morgan Stanley raise India's fiscal 2024 economic growth forecast, Bank of America cuts

Economists at Nomura and Morgan Stanley raise their growth forecast for India's fiscal 2024 after the economy grew at its fastest pace in a year in the April-June quarter, while BofA Global Research cuts their estimates as quarterly growth falls below their forecast.

9/18/2023

Experts Concerned as India's Growth Trajectory Slows, Threatening Fiscal Targets

India's goal of achieving 6.5% real GDP growth in FY24 may be complicated by lower-than-anticipated nominal growth, potentially delaying the country's aim of becoming a $5 trillion economy by another year.

9/22/2023

Indian Economy Poised for 6.5% Growth in FY24 Despite Looming Risks

The Union Ministry of Finance remains comfortable with a 6.5% real GDP growth estimate for FY24, citing strong domestic demand for consumption and investment as key drivers.

9/23/2023

ADB Forecasts 6.3% GDP Growth for India in 2023 Despite Weaker Exports

The Asian Development Bank has lowered India's GDP growth forecast for FY 2023-24 to 6.3% due to the impact of extreme rainfall patterns on agriculture, while maintaining a growth projection of 6.7% for FY 2024-25, citing corporate profitability and strong bank credit as key factors. Additionally, the bank expects inflation to moderate and retail sales to be affected by food inflation, while India's external trade is expected to be affected by weak global demand. Despite these challenges, India's GDP growth outlook remains higher compared to its Asian peers.

10/3/2023

World Bank Upgrades Sri Lanka Growth Forecast But Warns of Risks Ahead

The World Bank has raised its forecasts for Sri Lanka's economy, expecting growth of 1.7% in 2024 and a smaller contraction of 3.8% this year, citing progress in reducing inflation and increased tourism revenue, but also cautioning about significant uncertainty and downside risks.

10/16/2023

India's Economy Poised for Faster-Than-Expected 6.7% Growth in 2023-24 on Robust Credit Expansion and Bottom-of-Pyramid Banking Revolution

The International Monetary Fund has upgraded India's GDP growth forecast to 6.3% for 2023-24, citing positive factors such as monsoon rainfall, capital expenditure, new company registrations, and robust credit growth, leading to the possibility of growth surpassing 6.5% in Q2 FY24.

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Posted 9/25/2023, 5:19:48 AM