S&P Global Ratings on Thursday said rising rates and increased European energy insecurity are hitting growth in almost every country, but India with an estimated 7.3 per cent growth this fiscal, would be the 'star' among emerging market economies. In a report, S&P said global macro performance over the next few quarters points towards growth slowdown with tightening financial conditions amid rate hikes by central banks. "For the 16 emerging economies that we cover, excluding China, 2022 GDP growth will hit 5.2 per cent this year, in our view. India is the star of this group with growth of 7.3 per cent this fiscal year (ending in March 2023)," S&P said. The US-based agency said as central banks aggressively raise rates to fight inflation, our confidence is waning that they can avoid generating a sharp downturn.

Source: The Star September 29, 2022 23:35 UTC