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 ...
