IMF maintains its 6.3% GDP forecast for 2022
The International Monetary Fund (IMF) kept its growth forecast of 6.3% for the Philippines this year as they believe that the Omicron’s impact would only be felt in the first quarter of the year.
IMF Representative to the Philippines Ragnar Gudmundsson said that they are still expecting strong growth for 2022, “as vaccination proceeds further, policy measures remain appropriately supportive, and private sector confidence improves.”
He also stated that the government must address the rising poverty and inequality brought on by the pandemic.
The IMF official added that social protection, public service delivery, and climate change will also be the key factors that could “foster more inclusive and greener growth.”
Gudmundsson noted that the Philippines’ Gross Domestic Product (GDP) is expected to grow close to seven percent by 2023, as expansion is stabilized at about 6.5% yearly over the medium term.
The IMF’s GDP forecast is lower than the seven to nine per cent growth target set by the government this year.
