Philippines: IMF Reduces GDP Growth Forecast to 5.2 Percent for 2008
The International Monetary Fund (IMF) announced a new reduced GDP growth forecast for the Philippines. Now the IMF expects that the economy in the Philippines will grow by 5.2% in 2008, after they reduced their early forecast from 5.8%. Last week the IMF has finished its mission to the Philippines, which is confronted with higher inflation triggered by higher food and oil prices and a slowing global economy. Nevertheless the Philippine government still expects GDP to grow between 5.7% and 6.5%. Previous estimates even predicted up to 7% GDP growth.
In 2007 the economy grew by 7.2%, the highest rate in more than 30 years.
