IMF raises PH growth forecast
The International Monetary Fund (IMF) raised its Philippines’ Gross Domestic Product (GDP) forecast in 2021 from its original target of 6.6% to 6.9%.
IMF’s Philippine growth projection is the fastest among its neighboring countries in the Association of Southeast Asian Nations (ASEAN) – compared to Vietnam and Malaysia’s 6.5%, Indonesia’s 4.3%, and Thailand’s 2.6%.
However, Yongzheng Yang, resident representative to the Philippines of IMF, said that the latest GDP growth projection is “subject to substantial uncertainty” due to the continuing rise in COVID-19 cases in the country.
Yang also noted that the tight quarantine restrictions “could dampen economic activity.”
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