Strengthening coronavirus disease 2019 (Covid-19) containment measures and ensuring macroeconomic support are needed to address the pandemic’s impact on the economy.
Such is the assessment of an International Monetary Fund (IMF) executive after the multilateral lender hiked its 2021 growth projection for the country to 6.9 percent.
The projection is based on the updated World Economic Outlook (WEO) Update released recently from 6.6 percent in the WEO issued last January.
However, IMF Resident Representative to the Philippines Yongzheng Yang said the lender kept its 6.5-percent gross domestic product (GDP) 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.”
“This good momentum signals a stronger recovery this year,” he said.