Text size:

  • Small
  • Normal
  • Large

IMF raises growth forecasts for the Philippines

The Philippine economy is expected to grow 7 per cent this year and 6 percent in 2014, better than previous forecasts, on strong private and public consumption, the International Monetary Fund said on Wednesday.

The Philippine economy is expected to grow 7 per cent this year and 6 per cent in 2014, better than previous forecasts, on strong private and public consumption, the International Monetary Fund (IMF) said on Wednesday.

The Philippines was the only country among the five big economies of Southeast Asia whose growth forecast was upgraded this year, said Shanaka Jayanath Peiris, the IMF resident representative in the Philippines.

In an update to its World Economic Outlook released on Tuesday, the IMF lowered its growth forecast for the Asean 5 economies by 0.3 percentage points to 5.6 per cent this year. Apart from the Philippines, the Asean 5 includes Indonesia, Malaysia, Thailand and Vietnam.

"This year, momentum is growing fast. That is coming from fiscal spending, and the second quarter looks likely to be quite strong," Mr Peiris said. "Consumption remains robust."

The Philippines posted stronger-than-expected annual growth of 7.8 per cent in the first quarter, eclipsing China to become Asia's fastest growing nation.

The IMF trimmed its global growth forecast on Tuesday for the fifth time since early last year due to a slowdown in emerging economies. It said it had underestimated the depth of the recession in Europe and had not expected the United States to proceed with spending cuts which threaten to stunt growth.

 

* Reuters

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National