Daily News

PH gloom to further deepen — IMF

The International Monetary Fund (IMF) expects a harsher downturn for the Philippine economy this year, with recovery likely to be slower as the global economic fallout from the coronavirus crisis appears to be worse than initially anticipated. In its World Economic Outlook Update, the IMF said it now projects a 3.6% contraction in the country’s gross domestic product (GDP) this year. This is a sharp reversal from the IMF’s baseline 6.3% growth forecast given last year and the 0.6% growth outlook given in April. The government projects the economy to shrink by 2-3.4% this year. If realized, the IMF’s estimate will be the worst since the 6.9% GDP contraction in 1985.