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IMF says Q1 GDP likely at 6.3%
The International Monetary Fund (IMF) projects the Philippine economy to grow around 6.3% in 2020, with first-quarter growth expected to be close to this figure.
IMF Resident Representative Yongzheng Yang stated that the first-quarter growth is anticipated to be in that approximate range.
The IMF maintained its 2020 growth forecast at 6.3% for the Philippines.
Yang highlighted that the novel coronavirus (n-CoV) outbreak is expected to negatively impact the Philippine economy, particularly the tourism sector.
The halt in travel from China, a major source of tourists, will certainly have a negative effect on the country's economy.
Yang also flagged the virus outbreak's impact on the global value chain, which is seen to affect the Philippines.
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ANZ Research is maintaining its 6.2% GDP growth forecast for the Philippines in 2020, pending Q1 data amid the COVID-19 outbreak.
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The National Economic and Development Authority (Neda) estimates that a prolonged coronavirus outbreak could reduce the Philippine economy by as much as 0.7% of the gross domestic product (GDP) if it lasts until December.
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Finance Secretary Carlos Dominguez III assured that the novel coronavirus (nCoV) outbreak is unlikely to significantly impact the Philippine economy, maintaining the GDP growth projection of 6.5 to 7.5 percent for 2020.
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Fitch Solutions has lowered its global economic growth forecast for 2020 to 2.6 percent from 2.7 percent, citing the significant impact of the novel coronavirus disease 2019 (Covid-19).
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The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) remains optimistic about the Philippines' economic growth prospects, ranging from 6.5 to 7.5 percent, despite the novel coronavirus threat.
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