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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 percent from its June 2022 estimate of 7.8 percent. It now expects the GDP to slow further to 6.7 percent in FY24 as compared to its earlier forecast of 7.4 per cent.At a more macro level, Fitch now expects world GDP to grow by 2.4 percent in 2022 – revised down by 0.5 percentage points (ppt) since the June assessment – and by just 1.7 per cent in 2023, a cut of 1 ppt.
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