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IMF Lowers Growth Forecast for the Philippines Amid Weak Consumption and Investment

Updated: Jun 13


GDP forecast for The Philippines by IMF

Philippines: The International Monetary Fund (IMF) has revised its growth forecast for the Philippines, citing weaker-than-expected household consumption and investments.


The IMF now projects the Philippine economy to grow by 6 percent in 2024, down from its earlier forecast of 6.2 percent in April. The Philippine government, however, expects the economy to expand between 6 to 7 percent for the entire year. In the first quarter of 2024, the Philippine GDP grew by 5.7 percent.


The IMF has maintained its 2025 growth forecast at 6.2 percent, anticipating a possible increase in domestic demand, investment, and consumption.


Inflation is expected to decrease to 3.4 percent this year, with prices likely to fall within the government's target range of 2 to 4 percent. Despite this, the IMF recommended maintaining a "sufficiently restrictive" monetary policy stance.


In its May meeting, the Bangko Sentral ng Pilipinas kept interest rates at a 17-year high of 6.5 percent, following a series of rate hikes last year aimed at curbing persistent inflation.


Source: ABS-CBN News

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