IMF lowers growth forecasts for Philippine economy
Tuesday, 13 December 2011 | 00:00
The International Monetary Fund has lowered its forecast economic growth for the Philippines to 3.7 percent this year and 4.2 percent next year due to lower exports and public spending.
The assessment was made Monday at the end of an IMF mission to the country.
In September, the IMF forecast growth at 4.7 percent this year and 4.9 percent next year.
Philippine economic growth slowed from January to September as exports fell amid Europe's debt crisis and weak U.S. growth. Public spending declined while measures to curb corruption were put in place.
The IMF says the challenge is to maintain economic stability during a period of global uncertainty while working to achieve faster growth.
Source: Associated Press
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