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India and ASEAN growth to slow in 2023 as interest rates rise: IMF

China expected to rebound after historically sluggish 2022, but COVID risks still loom

Workers sit on a cart at a wholesale market in the old quarters of Delhi on Dec. 7.   © Reuters

NEW YORK -- India and five major Southeast Asian economies will grow more slowly this year as rising interest rates sap momentum from the global economy, with the six countries picking up speed again in 2024, the International Monetary Fund forecast Monday in the latest update to its World Economic Outlook report.

Indian growth, estimated at 6.8% in fiscal 2022, is projected to weaken to 6.1% in fiscal 2023 before returning to 6.8% in fiscal 2024. The so-called ASEAN-5 -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- are seen logging 4.3% growth in 2023, compared with an estimated 5.2% in 2022.

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