Philippines' 2021 growth to rebound less than expected, says IMF

MANILA: The International Monetary Fund slashed its 2021 growth forecast for the Philippines to 5.4 per cent from 6.9 per cent, but a sharp rebound could come next year if coronavirus quarantine curbs are eased sooner than expected, its mission head said on Wednesday .

The economy contracted by a record 9.6 per cent last year, and gross domestic product shrank 4.2 per cent in the first quarter, a bigger drop than had been expected. Manila has a 6 to 7 per cent growth target for this year. But a resurgence of COVID-19 infections and potential delays in vaccinations due to supply constraints pose downside risks to the IMF's outlook, Helbling said.

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