Philippine News Agency
IMF cuts '20 growth forecast for PH to 0.6% due to Covid-19
The International Monetary Fund (IMF) has projected a significant slowdown in the Philippines' economic growth to just 0.6 percent for 2020 due to the COVID-19 pandemic.
The IMF's World Economic Outlook report also forecasts an increase in the unemployment rate to 6.2 percent this year, up from 5.1 percent in 2019.
Despite the economic challenges, the IMF anticipates inflation to decrease to 1.7 percent in 2020, down from 2.5 percent in the previous year.
Supply disruptions and reduced demand from major trading partners are cited as primary reasons for the Philippines' bleak economic outlook.
The IMF expects the economic impacts to be somewhat mitigated by policy support, with a projected rebound to 7.6 percent growth in 2021 as the pandemic is assumed to peak in the second quarter of 2020.
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