India’s growth prediction for 2024 has been kept by Moody’s at 6.8%, in line with its estimate from March. The organization projects a 6.4% growth rate in the Indian economy by 2025. The Reserve Bank of India (RBI) increased its annual growth estimate for India to 7.2% recently from 7% previously.
Rising demand both domestically and internationally is supporting GDP growth in developing markets, according to Moody’s, albeit there is a lot of variation between countries.
According to Moody’s, inflation will drop from 5.7% in 2023 to 5.2% this year, and it will then likely drop even more to 4.8% in 2024. According to recent government figures, May saw inflation reach a 12-month low of 4.75%.
Although the unpredictability of these prices continues to be a worry, Moody’s said that headline inflation in nations like Indonesia and India has slowed mostly as a result of decreasing food costs. With the exception of India and Vietnam, which have recorded higher pay rises of more than 5% annually, total headline inflation in emerging Asia is either at or below central bank targets.
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