based International Monetary Fund has slashed its 2023 economic growth forecast for the Philippines to 5.3 percent from the original target of 6.2 percent as the economy confronted a confluence of global shocks.
This file photo taken on January 26, 2022, shows the seal for the International Monetary Fund in Washington, DC.Washington — based International Monetary Fund has slashed its 2023 economic growth forecast for the Philippines to 5.3 percent from the original target of 6.2 percent as the economy confronted a confluence of global shocks.
The Philippines slipped into recession in 2020 with the GDP contracting by 9.5 percent as the economy stalled due to the imposition of strict COVID quarantine and lockdown protocols. “Decisive monetary tightening and moderate minimum wage hikes helped mitigate inflationary pressures, with headline inflation now expected to return to the BSP’s target band by the first quarter of 2024. However, core inflation remains elevated and inflation risks are tilted to the upside, including higher commodity prices that could lead to second-round effects,” Peiris said.
IMF now sees inflation accelerating to six percent this year from 5.8 percent last year before easing to 3.5 percent next year. The BSP earlier raised its inflation forecasts to 5.8 percent from 5.6 percent for this year and to 3.5 percent from 3.3 percent for next year. On the other hand, he pointed out that a more resilient US economy and a rebound in domestic demand, supported by an easing of financial conditions provide upside risks.
According to a respected agricultural economist from Harvard, the good news is: “The world rice market has, so far, survived these severe shocks with heartening resilience and little panic.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines may adjust 2023 growth target: DioknoThere is a chance that the Philippines’ economic managers would lower their economic growth target for the year during the next DBCC meeting on October 19, Finance Secretary Benjamin Diokno said.
Read more »
World Bank cuts 2023 growth forecast for the Philippines to 5.6%The World Bank on Monday slashed its 2023 growth forecast for the Philippines to 5.6 percent from the 6-percent estimate
Read more »
Seeing green in Philippine miningThe Chamber of Mines of the Philippines, or COMP, recently held its 19th annual Mining Philippines 2023 International Conference and Exhibition at the EDSA Shangri-La Hotel.
Read more »
AFFI partners with Taguig LGU for 2023 Cooperative Transforming Lives and Communities (TLC) expo • BMPlusThe Association of Filipino Franchisors (AFFI)is thrilled to announce its partnership with the Taguig Local Government Unit (LGU) for the upcoming 2023 Cooperative Transforming Lives and Communities (TLC) Expo. This collaboration aims to promote cooperative values, showcase achievements, products, and services, and provide networking opportunities for cooperatives and the community. The TLC Expo will take
Read more »
Donny Pangilinan, Belle Mariano hailed 'Power Couple' of the night at ABS-CBN Ball 2023Kapamilya love team Donny Pangilinan and Belle Mariano won the People's Choice: Star of the Night at the recent ABS-CBN Ball held at the Makati Shangri-La Hotel last Saturday.
Read more »