IMF raises PH growth forecast

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.”

Read more here. 

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