The IMF has further slashed its economic growth forecast for the Philippines for 2019 and 2020 to 5.7 percent and 6.2 percent, respectively, as the economy slowed down in the second quarter and external environment worsens.
The IMF's updated projection for 2019 is below thegovernment's 6 percent to 7-percent target range and lower than its Julyprojection of 6 percent. In April, the IMF originally projected the Philippinesto grow 6.5 percent this year.
The IMF projected the Philippine economy to grow 6.2percent in 2020, still below the government's 6.5 percent to 7.5 percent targetnext year. The updated growth projection is lower than the 6.3 percent forecastin July.
The Philippine government is aiming to record growthrates of 6 percent to 7 percent in 2019, 6.5 percent to 7.5 percent in 2020 and7 percent to 8 percent from 2021 to 2022.
In its World Economic Outlook (WEO) report for October2019, the IMF said that the global economy is in a synchronized slowdown, withgrowth for 2019 and 2020 downgraded again - to 3 percent and 3.4 percent,respectively./. VNA