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22 Oct 2019, Gergana Bencheva, EMIS Editor

IMF further lowers economic growth forecast for Philippines for 2019, 2020

The International Monetary Fund (IMF) has further slashed its economic growth forecast for the Philippines for 2019 and 2020 to 5.7% and 6.2%, respectively, Thai EconomicNews Service reported. 

In comparison, the Fund’s July projection was 6% while the government's target is between 6% and 7%. Also, the IMF’s July projection for 2020 was 6.3%. The country’s government expects economy growth next year to be in the range of 6.5% and 7.5%. 

The IMF explained its decision to cut its projection on Manila on the slowdown of the country’s economy in the second quarter of 2019 and the worsening external environment, Thai EconomicNews Service added.

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Original source: Thai EconomicNews Service