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With 7.3% Growth In 2022-23, India Will Be A 'Star' Among Emerging Market Economies: Report
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India, 1 Oct 2022 3:25 AM GMT
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While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
Creatives : Snehadri Sarkar
While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
As per recent reports, the global macro performance over the next few quarters points to a slowdown in growth, with tightening financial conditions as central banks raise interest rates.
According to S&P Global Ratings, rising rates and increased European energy insecurity are weighing on growth in almost every country, but India, with an estimated 7.3 per cent growth this fiscal year, will be the "star" among emerging market economies.
As per NDTV, S&P said in a report that global macro performance over the next few quarters points to a slowdown in growth along with tightening financial conditions as central banks raise interest rates. Most leading and sentiment indicators are also pointing to slower growth.
Assertion Of The Report
The report claims that as a result of rising inflation, declining business confidence, and a more complex external environment, growth in emerging markets slowed in the second quarter.
In emerging markets, central banks have increased policy rates more quickly than their counterparts in developed nations, and in Latin America, they are nearing the end of their tightening cycles.
Core inflation continues to rise, implying that there is still work to be done. The US Federal Reserve's recent rate hikes have exacerbated balance-of-payments strains in emerging markets.
Statements By S&P
According to S&P, the 2022 GDP growth rate for the 16 emerging nations that we cover, excluding China, will reach 5.2 per cent this year. In comparison to our previous round, this projection is up 30 basis points. With a growth rate of 7.3 per cnet this fiscal year, India stands out within this group (ending in March 2023).
According to the US-based agency, as central banks aggressively raise interest rates to combat inflation, our confidence in their ability to avoid a sharp downturn is dwindling.
It stated that a slight recession is now anticipated in the US. Rising rates, increased European energy insecurity, and the lingering effects of COVID-19, it said, are weighing on growth almost everywhere.
S&P said, "This may be the most anticipated economic slowdown on record, but the data have yet to fully fall in line."
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