The International Monetary Fund (IMF) expects the Philippine economy to grow faster in 2024 on the back of higher government spending, recovery of exports and rising foreign investments.
Shanaka Jayanath Peiris, division chief of regional Studies at IMF’s Asia and Pacific Department, said while the gross domestic product growth of the Philippines would taper to 5.3 percent in 2023, the economy was poised to post faster expansion next year.
Peiris also noted that strong macro-economic fundamentals are in place in the Philippines, with the Bangko Sentral ng Pilipinas acting “very decisively in raising rates when inflation went up.” The IMF asked countries to keep the course on monetary policy tightening to bring inflation down. “But if upside risks materialize, you may need to raise interest rates more. And I think that’s where roughly the central bank is at the moment,” said Peiris.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rama seeks additional P50B budget for 2024SunStar Publishing Inc.
Read more »
Review: 2024 GAC GS3 Emzoom R-StyleThe cooler ray
Read more »
England secures Euro 2024 berth; Denmark survives San Marino scareEngland sealed its place at Euro 2024 on Tuesday, Oct. 17, as Harry Kane scored twice in a 3-1 win over Italy at Wembley, while Denmark scraped to victory over San Marino to keep its qualification bid on track.
Read more »
SP gearing for 2024 budget hearingSunStar Publishing Inc.
Read more »
PBA: Mikey Williams still absent from TNT, says governorThe TNT Tropang Giga might star the 2023-2024 PBA Commissioner’s Cup without Mikey Williams.
Read more »