IMF FORESEES 7 PERCENT GDP GROWTH FOR PHILIPPINES
12 Jul 2013 11:19
MANILA, July 10 (Bernama) -- The International Monetary Fund (IMF) said it
expects the Philippines' gross domestic product (GDP) to grow 7 percent this
year thanks to strong domestic consumption, Xinhua news agency reported.
"The economic growth momentum here (Philippines) is higher. The region's
growth has been softer than expected, but the Philippines is an outlier," IMF
resident representative Shanaka Peiris said during Wednesday's briefing.
Peiris said strong consumption driven by billions in remittances and an
acceleration in government spending could fuel local growth.
The Philippines' economy expanded 7.8 percent in the first quarter.