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IMF sees 6% GDP growth for Philippines in 2024

The International Monetary Fund (IMF) projects robust growth for the Philippine economy, forecasting a 5.3% increase in GDP for 2023 and an acceleration to 6% in 2024. This growth, detailed in the IMF’s 2023 Article IV Consultation report, is expected to be driven by heightened public investment and stronger external demand for the country’s exports. Key to this optimistic outlook are infrastructure development, increased foreign investment, and public-private partnerships, with a potential medium-term growth rate of 6 to 6.5%. However, the Philippines faces an inflation rate of 6% this year, with a slight revision to 3.7% in 2024, amidst concerns of supply shocks. The IMF notes a narrowing current account deficit, aided by reduced global commodity prices and a rise in electronics exports.


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