Macro support to reduce scarring effects of pandemic: IMF exec

An International Monetary Fund executive has underscored the importance of strengthening Covid-19 containment measures in the Philippines and ensuring macroeconomic support to address the pandemic’s impact on the economy.

This, after the multilateral lender hiked its 2021 growth projection for the country to 6.9 percent based on the updated World Economic Outlook Update from 6.6 percent in the outlook issued last January.

But IMF Resident Representative to the Philippines Yongzheng Yang said the lender kept its 6.5-percent gross domestic product forecast for the country for 2022.

Yang attributed the hike of IMF’s growth forecast for the country this year to the “stronger-than-expected growth in the fourth quarter.”

The domestic economy posted an 8.3-percent GDP contraction in the fourth quarter, an improvement from the previous quarter’s minus 11.4 percent. Full-year print reached minus 9.5 percent.

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