IMF adjusts PH growth forecasts

Jul 26, 2023 12:45 am

THE International Monetary Fund (IMF) has revised its 2023 and 2024 Philippine growth forecasts, raising the outlook for this year given strong first-quarter results but trimming that for next year due to global headwinds and higher interest rates.

'Demand and growth dynamics have remained strong in 2023. So we've adjusted upwards our projection for 2023,' IMF Resident Representative for the Philippines Ragnar Gudmundsson said ahead of the release of the Washington-based lender's updated World Economic Outlook.

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