IMF, ADB raise PH 2016 growth outlooks

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The International Monetary Fund (IMF) and Asian Development Bank (ADB) have separately revised upward their 2016 growth forecasts for the Philippine economy to 6.4 percent from a previous projection of 6 percent, with both institutions seeing continued robust domestic demand for the rest of the year.

They stressed the need, however, for the Philippine government to ensure implementation of its economic reform agenda and sustain capacity-building investments.

The IMF and ADB made the upward revisions to their forecasts after gross domestic product (GDP) grew 7 percent in the second quarter of the year, bringing the first-half expansion to 6.9 percent.

The revised forecast stands within the government’s 6 percent to 7 percent official target for this year.


 

MC/NT

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