Morgan Stanley joins IMF and UBS in slashing India's GDP growth for FY23

19 May 2022 CW Team

Due to a slowdown in global economy, increased commodity prices, and risk aversion in global capital markets, Morgan Stanley has lowered India's GDP prediction to 7.6% from 7.9% for fiscal year 2023.

The near-term forecast is weighed down by adverse terms of trade shock, soaring oil costs, and the impact of geopolitical uncertainties on business confidence. The reduction reflects the significant economic impact of the Russia-Ukraine conflict, which has pushed up crude prices and pushed retail inflation in India, the world's third-largest oil importer, to its highest level in 17 months.

Because of its greater energy import burden and sustained strength in domestic demand, Morgan Stanley believes India would be the Asian economy most exposed to inflation threats.

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