Ratings agency Moody’s Analytics projected India’s gross domestic product, or GDP, to grow at 6.1% in the financial year 2024-’25, down from 7.7% GDP growth in 2023-’24.

The report also said that the Asia Pacific region will grow 3.8% this year, as compared to a growth of 2.5% in the global economy.

An analysis of the region’s GDP figures relative to its trajectory before the pandemic in 2020 showed that India and Southeast Asia have seen some of the largest output losses worldwide, the report said. It is only now that the region is beginning to recover.