IMF raises Philippine GDP estimate for 2014

Posted at 01/22/14 4:14 PM

MANILA - The International Monetary Fund (IMF) said on Wednesday it had raised its growth forecast for the Philippines to 6.3 percent this year from 6.0 percent previously, with the country likely to benefit from faster growth in advanced economies and typhoon rebuilding.

The IMF also estimates growth of 6.6 percent for the Southeast Asian country in 2015, Shanaka Jayanath Peiris, IMF resident representative in the Philippines, told reporters.

The IMF had projected growth of 6.75 percent for the Philippines in 2013.

Inflation is likely to pick up to 4.4 percent this year, faster than an earlier forecast of 3.5 percent made in September, before slowing to 3.8 percent next year.