Tighten your belt: Economists cut growth forecast

May 25, 2012 16:37

Goldman Sachs and Bank of America Merrill Lynch became the latest global banks to downgrade India's economic growth outlook today, in a sign that the sharp slowdown affecting Asia's third-largest economy is worsening, reports the Financial Times.

Goldman cut India's growth estimates to 6.6 per cent from 7.2 per cent for the fiscal year ending in March 2013, while BofA revised its forecast to 6.5 per cent from 6.8 per cent for the same period.

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