S&P Global Market Intelligence has revised the global real GDP growth forecast for 2023 to 2.5 per cent, primarily owing to upward revisions in the US forecast. Earlier, it had predicted global growth at 2.4 per cent. However, the 2024 global growth forecast is kept unchanged at 2.4 per cent.

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Turning the focus to India, it said the country's economy is continuing to show rapid expansion, with GDP growth expected to remain robust in the near term, at a pace of 5.9 per cent in the financial year 2023 and 6.1 per cent in the next.

“However, a renewed upturn in inflation pressures in mid-2023 due to rapidly rising food prices has pushed CPI inflation back above the upper end of the Reserve Bank of India's inflation target range,” Rajiv Biswas, APAC Chief Economist at S&P Global Market Intelligence said.

“Although inflationary pressures have moderated since the beginning of 2023 in a number of Southeast Asian countries, the downside risk of a severe El Nino weather event remains a key uncertainty for the near-term economic outlook,” Biswas added.

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