IMF slashes PH growth forecast to 5.4%
The International Monetary Fund (IMF) now expects a slower economic recovery for the Philippines this year as it trimmed its gross domestic product (GDP) growth forecast to 5.4 percent amid delays in vaccinations and the resurgence of COVID-19 cases.
“The slowing in the recovery in the first half is mostly due to the second wave of the pandemic, which peaked in April and necessitated some stricter quarantine measures and has also weighed on confidence. But now, hopefully, the second wave should be on the way out,” said IMF mission chief Thomas Helbling.
The Philippines slipped into recession with a record GDP contraction of 9.6 percent last year, ending 21 years of growth as the economy stalled when the government imposed the longest and strictest lockdown in the world.
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