India is the Asia-Pacific region’s “bright spot” during a time when other major Asian economies are likely to see sluggish growth, Standard & Poor’s (S&P) Ratings services says.
S&P, bullish on India, has raised their forecasts for the growth of the nation’s gross domestic product (GDP) to 7.9% in the fiscal year ending March 2016, revised up from the previous estimate of 6.2%.
S&P also hiked its GDP forecast for India in FY17 to 8.2%, which was revised up from the previous estimate of 6.6%.
Although the ratings service revised its growth forecasts upwards for the country, based on the nation’s new methodology of how it measures its GDP, the agency noted that rising investment and low oil prices have also been boosting India’s growth.
S&P noted that it has lowered its GDP growth forecasts for regional peers China, Japan, and Southeast Asian economies.
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