Moody's ups growth projections for India, US, China, euro area, Russia
01 Mar 23 2 min read
Moody's projects growth to moderate to 2 per cent in 2023 for G20 economies, from 2.7 per cent in 2022, and then to improve to 2.4 per cent in 2024. For advanced economies of the G20, the growth estimate for 2022 is now 2.3 per cent, up from the earlier expectation of 2.1 per cent.
The rating agency said a significant rise in capital expenditure budget allocation of India for fiscal 2023-24 is also expected: ₹10 lakh crore (3.3 per cent of GDP), up from ₹7.5 lakh crore for the fiscal 2022-23.
Economic momentum in many large emerging market economies , including India, Brazil, Mexico and Turkiye, had proved more resilient to last year's tightening in the global and domestic financial environment than the agency had anticipated, it said.
- Deloitte’s baseline forecast for US economy optimistic
- Year-to-Apr UK retail sales fall sharply: CBI survey
- IMF recommends compact budget for Bangladesh
- IMF proposes Bangladesh to scrap tax rebates for 33 sectors: Reports
- Median inflation expectations in EU over next 12 months at 3% in March
- French biz climate wanes a bit in Apr; employment scene a tad better
An eventual let-up in monetary policy tightening in the United States will help stabilise, if not improve, capital flows to emerging market countries, it noted. Emerging markets will, however, be vulnerable to bouts of heightened financial market volatility until inflation in advanced economies is firmly in check.
Inflation will continue to reduce, but a persistent drop to central bank targets is not assured, Moody’s added.
Fibre2Fashion News Desk (DS)
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