IMF cuts PH growth forecast to 0.6%
The International Monetary Fund on Tuesday slashed its economic growth projection for the Philippines this year to 0.6 percent on weaker demand and supply disruptions caused by the coronavirus disease 2019 pandemic but expects a rebound next year.
In an emailed message to reporters, IMF Resident Representative Yongzheng Yang said the latest outlook “is mostly attributable to supply disruptions related to Covid-19 and weaker demand in the Philippines’ major trading partners.” Despite this, the IMF forecasts the the country’s economy to recover next year and grow to 7.6 percent.
Meanwhile, the IMF projected the country’s inflation to settle at 1.7 percent in 2020 and 2.9 percent in 2021, and the unemployment rate to reach 6.2 percent this year and 5.3 percent in the next.In a report on Monday night, ING Bank Manila senior economist Nicholas Antonio Mapa said the lender “whittled down our forecast to 3.5 percent for 2020” from the 6.5 percent it had pegged at the start of the year.
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