Moody's slashes India's economy growth projection to 8.8% for 2022

RATINGS AGENCY CUTS ESTIMATE FROM EARLIER 9.1 PER CENT ON HIGH INFLATION, SAYS NEXT FEW MONTHS CRITICAL

Global financial services provider firm Moody's Investors Service has slashed India's GDP projection to 8.8 per cent for 2022, from 9.1 per cent estimated previously.

The rationale behind the cut was the prevailing high inflation.

"Except for Russia, we do not currently expect a recession in any G-20 country in 2022 or 2023," said Madhavi Bokil, Senior Vice President/CSR at Moody's on the global perspective.

"Still, there are multiple risks that could further undermine the economic outlook, including additional upward pressure on commodity prices, longer-lasting supply-chain disruptions, or a larger than expected slowdown in China."