India became the latest developing economy to hit the brakes yesterday after it recorded its slowest expansion in almost a decade, partly because of political paralysis that economists fear could lead to a bigger crisis.
The economy expanded at an annual rate of 5.3 per cent in the first quarter, from 9.2 per cent in the same period last year, as agriculture and manufacturing were hit by sharp slowdowns.
The news comes as first-quarter US growth was revised down from 2.2 per cent to 1.9 per cent, fuelling further concerns over weak global growth.
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