Large oil importers like India and Thailand will be the most affected among Asia-Pacific countries by the ongoing Russia-Ukraine war, S&P Global Ratings has said. S&P estimates the Indian economy to grow 7.8 per cent in the next fiscal year beginning April 1, 2022. Besides, the economy is expected to grow 6 per cent and 6.5 per cent in 2023-24 and 2024-25, respectively. It projected inflation at 5.4 per cent in the current fiscal year. It said banks in Asia-Pacific (APAC) region have small direct exposure to Russia which will soften the impact of the conflict, but proximate downside risks -- in particular, actual and potential secondary economic and other risks -- lie ahead. The biggest risk of the Ukraine conflict is market volatility and higher commodity prices; emerging economies with large energy imports are most at risk, S&P said in a report. India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in ...
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Wednesday, 16 March 2022
Oil importers India, Thailand to be hit hardest by Ukraine crisis: S&P
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