RaboResearch - Economic Research

Sophie Borra

Country Risk Analyst

Sophie Borra worked as an economist at RaboResearch Global Economics & Markets.

Sophie was country risk analyst for Emerging Asia. Previously, she covered the Middle East, North Africa and the Commonwealth of Independent States (CIS).

Previously, she worked at the European Systemic Risk Board (ESRB) of the European Central Bank in Frankfurt. Sophie studied international economics at the UvA in Amsterdam and quantitative economic modeling at the UAB in Barcelona and Université Paris 1 Panthéon-Sorbonne in Paris.

Publications Sophie Borra


India: Economic Outlook 2020

We forecast economic growth in India of 5.1% for fiscal year 2019/20 and 5.7% for 2020/21. Although we expect the economy to have bottomed out, ongoing structural issues are expected to weigh on India’s medium- and longer-term growth potential.


Modi's BJP sweeps general elections, but faces arduous task

BJP’s unexpected sweep of India’s general elections means that Prime Minister Modi has a clear mandate to follow through on its reform agenda. However, we believe his government will struggle to push through more difficult reforms, such as labour market and land reforms, which are much needed to lift the country’s growth above 7%.

Economic Report

India’s fiscal path remains slippery after Modi's BJP win

India’s consistent budget deficits are expected to continue over the coming years under a BJP-led government in the second term. Fiscal consolidation is needed to lower elevated debt levels as India’s weak fiscal position is a major macroeconomic challenge.

Economic Report

Is India slipping back into bad habits?

The Reserve Bank of India (RBI) has increased its monetary tap to meet government funding needs. Although the magnitude is nowhere near bad practices around the globe, the option of debt monetization remains tempting, whereas the Indian government should implement reforms instead.