PH economic growth forecast hiked by ADB and IMF

The International Monetary Fund (IMF) and Manila-based Asian Development Bank (ADB) raised their economic growth forecasts for the Philippines this year and in 2017 on the back of solid economic fundamentals and resilience to the weakening global economy.

ECONOMIC GROWTH IS UP. IMF and ADB have both raised their projections for the country’s growth rate in 2016 and 2017. Photo taken by Patrick Roque, grabbed from Wikipedia

The IMF issued a statement last September 24, saying “The outlook for the Philippine economy remains favorable despite external headwinds,” with growth rates at 6.4 percent in 2016 and 6.7 percent in 2016, a rise of .4 percent and .5 percent for their 2016 and 2017 growth projections respectively.

The IMF based their adjustments on continued robust economic demand and

a modest recovery in exports. They also said unemployment rates would go down to 5.9 percent in 2016 and 5.7 percent in 2017.

The inflation rate is also expected to return to within the Bangko Sentral ng Pilipinas’ (BSP) target range according to the IMF.

ADB, on the other hand, updated their Asian Development Outlook for 2016, raising the country’s economic growth rate to 6.4 percent this year (from 6 percent) and 6.2 percent in 2017 (from 6.1 percent), citing robust local demand and a solid foundation provided by favorable macroeconomic fundamentals.

ADB also said plans of the Duterte administration to ramp up infrastructure spending helped improve the country’s growth rate.

ADB also said that President Rodrigo Roa Duterte’s controversial statements against leaders of top trading partners and his on-going war against illegal drugs did not affect investor appetite in the country.

 

Source: CNN Philippines, The Philippine Star, Inquirer.net