Weakness in rupee, high inflation and slowdown in growth led to decline in economic confidence in the country in May compared to the earlier month, according to research firm Ipsos.

According to the Ipsos Economic Pulse of the World Survey, economic confidence among Indians declined by two points to 70% in the month of May as compared to the previous month. It had stood at 72 in April.

However, India continued to retain the second most economically confident nation title after Saudi Arabia, which tops the table with a wide margin at 88 per cent in May.

"The symptoms of Indian economy being in poor health are building fast with growth rate slipping to a nine-year low of 6.5% in 2011-12, current account deficit touching a high of 4 per cent and inflation at a high of 7.55% in May.

Source - Financial Express

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