THE International Monetary Fund (IMF) has cut its economic outlook for the Philippines this year and next, noting recent developments in domestic output as well as the resurgence of Covid-19 cases as causes.

The multilateral institution's latest World Economic Outlook report, released on Tuesday, estimated that the country's gross domestic product (GDP) would grow by 3.2 percent and 6.3 percent in 2021 and 2022, respectively, down from prior projections of 5.4 percent and 7 percent.

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