IMF cuts growth outlook for Philippines
MANILA, Philippines — The International Monetary Fund trimmed its growth outlook for the Philippines, citing the toll of an ongoing corruption scandal on the economy, compounded by persistent external headwinds. The IMF expected average growth this year to hit 5.1 percent, lower than its previous estimate of 5.4 percent announced back in October. This was after third-quarter growth slipped to a four-year low of 4 percent amid a sweeping graft crackdown. READ: Philippines’ GDP growth projected to stay stuck near 4% For next year, the IMF projected growth to recover to 5.6 percent, though still down from the old forecast of […]...Keep on reading: IMF cuts growth outlook for Philippines
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