IMF cuts 2022, 2023 growth forecast for Philippines
(marketscreener) The International Monetary Fund on Monday slashed its growth forecasts for the Philippines for this year and next to reflect ... IMF cuts 2022, 2023 growth forecast for Philippines. The International Monetary Fund (IMF) on Monday slashed its growth forecasts for the Philippines for this year and next to reflect the impact of a global economic slowdown and tightening financial conditions. The IMF said economic growth in the Southeast Asian country this year would hit 6.5%, weaker than its previous forecast of 6.7%, while growth next year is seen at 5.0%, also slower than its earlier estimate of 6.3%. The growth outlook is subject to "significant downside risks," Cheng Hoon Lim, IMF mission head, said in a news conference. She also said the Philippine central bank's "continued near-term tightening was appropriate." The Bangko Sentral ng Pilipinas (BSP) has so far raised interest rates by a total 225 basis points, bringing its policy rate to 4.25%, to combat inflation. (Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor and Louise Heavens)
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MANILA, Sept 26 (Reuters) - The International Monetary Fund (IMF) on Monday slashed its growth forecasts for the Philippines for this year and next to reflect the impact of a global economic slowdown and tightening financial conditions.
The IMF said economic growth in the Southeast Asian country this year would hit 6.5%, weaker than its previous forecast of 6.7%, while growth next year is seen at 5.0%, also slower than its earlier estimate of 6.3%.
The growth outlook is subject to "significant downside risks," Cheng Hoon Lim, IMF mission head, said in a news conference.
She also said the Philippine central bank's "continued near-term tightening was appropriate."
The Bangko Sentral ng Pilipinas (BSP) has so far raised interest rates by a total 225 basis points, bringing its policy rate to 4.25%, to combat inflation. (Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor and Louise Heavens)
หัวข้อ: Philippines