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Goldman Sachs Group Inc. lowered its forecast for India’s economic growth next year, citing a hit to consumer demand from higher borrowing costs and fading benefits from pandemic reopening.
Gross domestic product may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year, Goldman economists led by Andrew Tilton wrote in a report Sunday.
“Growth will likely be a tale of two halves, with a slower first half as the reopening boost fades, and monetary tightening weighs on domestic demand,” they wrote. “In the second half, growth is likely to re-accelerate as global growth recovers, drag from net exports diminishes, and investment cycle picks up.”
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