top of page

IMF forecasts positive growth trajectory for Philippine economy

The International Monetary Fund (IMF) has maintained its growth projection of 6% for the Philippine economy in 2023, despite challenges such as elevated inflation, interest rates, and external developments. According to Shanaka Jay Peiris, Mission Head of the IMF team, the domestic economy exhibited strong recovery from the pandemic, with a GDP growth of 7.6% in 2022, surpassing the government's target of 6.5-7.5%. The economy exceeded expectations in the first quarter of 2023, expanding by 6.4%. However, this growth rate was slower than the previous quarter and the same period last year due to base effects and elevated inflation. Peiris anticipates that the economy will sustain its robust output in 2024, but acknowledges the challenges posed by base effects.


bottom of page