Moody's Forecasts GDP Growth to Decelerate to 6.1% in 2024

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Moody's Analytics Projects India's GDP Growth to Reach 6.1% in 2024

According to a recent report titled 'APAC Outlook: Listening Through the Noise' by Moody's Analytics, India's economy is anticipated to grow by 6.1% in 2024, a slight deceleration from the 7.7% growth recorded in 2023. The report highlights that India, along with Southeast Asia, has experienced significant output losses compared to pre-pandemic levels, with India's GDP still 4% lower than projected without the pandemic's impact.

While the Asia Pacific (APAC) region as a whole is showing resilience, with an expected growth rate of 3.8% in 2024 compared to 2.5% for the global economy, Moody's Analytics points out that the inflation outlook for India remains uncertain. The recent consumer price inflation rates, hovering around 5%, are close to the upper end of the Reserve Bank of India's target range of 2% to 6%, indicating persistent price pressures without a clear trend towards slowing.

India's retail inflation declined to a five-month low of 4.85% in March, primarily due to easing food prices. However, uncertainties surrounding food prices continue to influence the inflation trajectory, according to the Reserve Bank of India. Additionally, ongoing geopolitical tensions pose potential upside risks to commodity prices and supply chains, further complicating the inflation outlook.

Despite these challenges, Moody's Analytics emphasizes that the APAC region is faring relatively well compared to other parts of the world. However, India and Southeast Asia are still grappling with the lingering effects of the pandemic, with the road to recovery presenting hurdles in terms of economic growth and inflation stabilization.

Disclaimer: The above information is a fictional rewrite based on publicly available data and should not be considered as financial advice. For accurate and personalized financial guidance, individuals should consult with qualified professionals.






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