DBS sees slow recovery for Indian economy, cuts GDP growth forecast to 5%2Photo© firstpost.com

DBS sees slow recovery for Indian economy, cuts GDP growth forecast to 5%

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New Delhi: Moody's Investors Service on Friday said it has lowered its 2019 GDP growth forecast for India to 5.6 percent as slow employment growth weighs on consumption.

It expects economic growth to pick up in 2020 and 2021 to 6.6 percent and 6.7 percent respectively, but sees the pace of growth remaining lower than past.

"We have lowered our 2019 gross domestic product (GDP) growth forecast for India to 5.6 percent, which is lower than 7.4 percent growth in 2018," Moody's said in a report.