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The unwinding of Delta base effects in India led to a tolerable moderation in GDP growth, to 6.3% in Q3.
But statistical discrepancies flattered the headlines, and the bump in consumption is unrepeatable.
The BoT rate, of 1.25%, likely is the terminal level; its 2023 forecasts inadvertently will justify a pause.
base effects, consumption, forecasts, gdp, india, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence