IMF Urges Asean To Pursue Ambitious Economic Reforms

The Philippines and its Southeast Asian neighbors have the potential to boost economic output by up to three percent over four years if they implement comprehensive and simultaneous structural reforms, according to a new analysis from the International Monetary Fund (IMF).

- Keisha Ta-asan

In a blog post written by IMF economist Anne-Charlotte Paret Onorato, the multilateral lender said while the region has made remarkable economic strides in the past two decades, achieving high-income status requires a deliberate and ambitious approach to reforms.

"Combining deliberate, ambitious structural overhauls can help the region's largest economies achieve higher potential economic growth and sustainably attain high income levels. Wide-ranging reforms can build resilience to shocks in the face of uncertainties and help the private sector drive growth," she said.