Moody's Report: India's GDP to Slide to 6.1% in 2024

Tags: Reports

Moody's Analytics report titled "APAC Outlook: Listening Through the Noise" forecasts India's GDP to decline to 6.1% in 2024 from the 7.7% growth observed in 2023.

An Overview of the News

• Output in India is noted to be 4% lower than it would have been without the COVID-19 pandemic and its aftermath, which includes supply disruptions and international conflicts.

• Economies in the South and Southeast (SE) Asia region are expected to experience robust output gains in 2024, although their performance is somewhat inflated due to delays in the post-pandemic rebound.

• The overall APAC region is projected to achieve a growth rate of 3.8% in 2024, while the global economy is expected to grow by 2.5%.

• China and India face greater uncertainty regarding inflation, according to the report.

• India's Consumer Price Index inflation rate, at around 5%, is close to the inflation target range of 2% to 6% set by the Reserve Bank of India (RBI), indicating no clear trend toward easing price pressures.