Fitch cuts India FY23 GDP growth forecast to 7%; world GDP growth at 2.4%

At a more macro level, Fitch now expects world GDP to grow by 2.4 per cent in 2022 - revised down by 0.5 percentage points (ppt) since the June assessment

Global rating agency Fitch has lowered India's economic growth forecast for fiscal 2022-23 (FY23) as measured by gross domestic product (GDP) to 7 per cent from its June 2022 estimate of 7.8 per cent. It now expects the GDP to slow further to 6.7 per cent in FY24 as compared to its earlier forecast of 7.4 per cent.

"The (Indian) economy recovered in 2Q22 with growth of 13.5 per cent year-on-year (y-o-y), but this was below our June expectation of an increase of 18.5 per