EIU TRIMS GROWTH FORECAST FOR INDIA, SEES WEAKER CHINA

LONDON – in its latest Global Outlook Report, The Economist Intelligence Unit has cut its 2012 growth forecast for India for a second month, to 6.1% from 6.5%. “India's monsoon rains, which are critical to agricultural output, are nearly 20% below long-term levels and consumer spending is suffering. High inflation and steep deficits leave little room for stimulus. We have also reduced our 2013 forecast,” the EIU says. “China's economy continues to weaken, with the industrial sector growing by just over 9% in July - the worst showing in three years,” it says.