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- Rating agency Fitch raised India’s gross domestic product (GDP) medium-term growth forecast by 70 basis points to 6.2%, from 5.5% earlier.
- This cut is mainly due to a large reduction in the estimate of China’s supply-side growth potential by 0.7 percentage points.
- The agency said in its report that the potential growth of the emerging market has weakened due to China’s slow pace.
- China’s medium-term growth forecast has been reduced from 5.3% to 4.6%.
- Fitch has said that India’s growth rate for 2023-24 is expected to be 6.3%.
- The forecast for Russia has been reduced from 1.6% to 0.8%, for Korea from 2.3% to 2.1% and for South Africa from 1.2% to 1%.
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