Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
MANILA, Philippines (AP) — The International Monetary Fund has raised its 2014 economic growth forecast for the Philippines to 6.5 percent, up from its January projection of 6.3 percent, with typhoon reconstruction expected to boost the economy.
It forecasts 2015 growth at 6.5 percent, slightly lower than its 6.6 percent estimate in January. The economy grew 7.2 percent last year despite a string of calamities including Typhoon Haiyan in November, and government has targeted growth of 6.5 to 7.5 percent this year and 7 to 8 percent next year.
An IMF statement at the conclusion of regular consultation with economic managers also says the need for easy monetary policies in the Philippines has waned because of a stronger global outlook.
Monetary authorities have kept interest rates at record lows to spur credit and spending.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
