IMF cuts FY24 PH growth forecast to 5.8%
The International Monetary Fund (IMF) [link] cut its full-year 2024 GDP growth forecast for the Philippines to 5.8%, down 20 basis points from its previous forecast of 6.0%. The IMF also cut its FY25 GDP growth projection to 6.1%, down 10 basis points from the previous 6.2%. Both revisions are due to the lower-than-expected private consumption in the first half of 2024, which the IMF attributes “in part” to the high price of basic foods. The IMF said it thinks “private consumption is going to grow slightly with less momentum”, but that they think the “non-monetary efforts to reduce food prices and especially rice prices... will be supportive of consumption growth going forward.”
