India's economy is anticipated to grow at fastest rate in As...| MENAFN.COM

Monday, 26 September 2022 05:30 GMT

India's economy is anticipated to grow at fastest rate in Asia


(MENAFN) According to analysts at Morgan Stanley, India, the sixth-largest economy in the world, is expected to grow at the fastest rate in Asia in 2022–2023, contributing 28% and 22%, respectively, to regional and global growth.

The Wall Street bank forecasts that the South Asian country will generate robust demand, supported by a young labor force, business investments, and the reforms implemented by the current administration. Additionally, it anticipates that domestic demand will increase and that services exports will fare better than goods exports.

India, the second-largest economy in terms of per capita GDP in Asia, managed to grow by 9.2% in fiscal year 2022, reversing a 6.6% decline the previous year after being hit by a number of Covid-related lockdowns. The country's GDP growth is anticipated to be an average of 7% in 2022–2023, according to the bank.

“The recent strong run of data increases our confidence that India is well positioned to deliver domestic demand alpha, which will be particularly important as developed markets’ growth weakness percolates into Asia’s external demand,” the bank’s analysts stated, in a note on Tuesday and seen by Reuters.

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