(MENAFN) India, the world’s sixth largest economy, is expected to grow at the fastest pace in Asia in 2022-23, contributing 28% and 22% to regional growth, respectively, according to Morgan Stanley analysts. world.
The Wall Street bank expects the South Asian country to generate robust demand, supported by a young workforce, business investment and reforms implemented by the current administration. Furthermore, he predicts that domestic demand will increase and that services exports will fare better than goods exports.
India, the second-largest economy by GDP per capita in Asia, managed to grow 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 expected to average 7% in 2022-23, according to the bank.
“The recent round of strong data reinforces our confidence that India is well positioned to provide alpha to domestic demand, which will be particularly important as weak growth in developed markets ripples through to global growth. external demand from Asia,” bank analysts said in a note released on Tuesday and seen by Reuters.
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