• LONDON: India is likely to witness further moderation in economic growth with the gross domestic product (GDP) slipping to 8.4% in 2008, says a World Bank report. India's economic growth rate, however, was likely to marginally improve to 8.5% in 2009, said the World Bank's 'Global Economic Development: Technology Diffusion in the Developing World' report released here on Wednesday. Having touched a high of 9.4% in 2006, India's GDP growth rate moderated to 9% in 2007 and is expected to slip further in the current year, the report said. The modest easing of GDP growth rate, the report said: "Reflects a firming ...(of) Indian import demand that yielded a negative export position, further underpinned by strong appreciation of the rupee." However, the rupee appreciation mainly on account of increased capital flows has helped India keeping under check inflation, which touched 3% in November, breaching a five-year low of wholesale price index (WPI)-mark, the report said. In addition to the impact of slowdown in the US economy, the upcoming risks which can have a bearing on India's growth include spiraling crude oil and commodity prices, the report added.