Finance Secretary Benjamin Diokno said the domestic-driven Philippine economy will continue to survive the impact of slowing global growth.
Diokno, in his intervention during the ASEAN Roundtable organized by the International Monetary Fund on Oct. 11, 2023 in Marrakech, Morocco as part of the 2023 World Bank-IMF Annual Meetings, particularly cited the slowdown in China, which is the second-largest economy.
IMF Managing Director Kristalina Georgieva said while the slowing global growth impeded strong post-pandemic recovery, she said the ASEAN remained a bright spot, owing to the region’s promising growth trajectory, decisive fiscal and monetary actions on inflation and progress on delivering structural reforms.
He also said that financial systems in the ASEAN+3 region, except Hong Kong, are likely to be exposed less to risks arising from the downturn in China’s property sector.
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