Economic growth may get little worse: Assocham
New Delhi: Economic growth may get "little worse" in the coming months due to high interest rates, inflation and recession in several key European economies, a survey by Assocham said Sunday.
It said that the overall GDP growth for the current financial year would be between 5 and 5.5 percent.
Majority of the CEOs participated in the survey said that "the situation may get a little worse before it gets better since the problems of high interest rates, high inflation and a double dip recession in several key European economies would have a bearing on the economies of the emerging economies including India".
The economy grew by 5.3 percent in the July-September period of the current financial year (2012-13), pulled down by poor performance of manufacturing and agriculture sectors, showing persistent signs of slowdown.
"The slowdown is about to bottom out, but it may get a little worse before it gets better in the last quarter of the current financial year," it added.
The survey said the immediate drivers for revival of business confidence would be end of political impasse in Parliament.
"We may be heading for a decade low of growth, but the turnaround is visible in the next six -seven months," Assocham President Rajkumar Dhoot said.