IMF upgrades Phl growth forecasts

The International Monetary Fund (IMF) turned more bullish on its growth outlook for the Philippines in the next two years amid expectations of stronger consumer demand and investments.

- KEISHA TA-ASAN

Based on its April 2024 World Economic Outlook (WEO), the IMF slightly revised its gross domestic product (GDP) growth forecast for the Philippines to 6.2 percent this year.

"Real GDP growth for 2024 was revised slightly to 6.2 percent from the January WEO forecast of six percent, reflecting carryover from a better-than-expected outturn in the last quarter of 2023," IMF resident representative Ragnar Gudmundsson said in an email to The STAR.

The latest IMF forecast would hit the government's six to seven percent goal for this year, penned by economic managers through the Development Budget Coordination Committee. It would also be significantly higher than the 5.5 percent expansion in 2023.

The Philippines is expected to be the fastest growing economy in the region, exceeding Indonesia's five percent, Malaysia's 4.4 percent, Thailand's 2.7 percent and Singapore's 2.1 percent.