Rating agency Moody’s has lowered India’s growth forecast for 2019 & 2020 by 60 basis points to 6.2% and 6.7% respectively.
India is among the 16 economies in Asia-Pacific region whose GDP growth forecast has been revised downward by Moody’s. Following the revision, Vietnam, with an expected growth of 6.7%, will be the fastest growing economy this year. India will be sharing the second place with China, which is also expected to grow at 6.2%. Moody’s said, “India’s economy remains sluggish on account of factors including weak hiring, financial distress among rural households, and tighter financing conditions.”