[WorldWay Financial News] The IMF states that the Philippine economy will shake off the effects of the economic recession and achieve a strong rebound, with GDP expected to grow by 3.2% in 2010.
According to reports from foreign media on February 19, the International Monetary Fund (IMF) expects the Philippine economy to rebound strongly in 2010, free from the impacts of the global economic recession, but urges the Central Bank of the Philippines to maintain an accommodative monetary policy to ensure the economy continues its recovery momentum.
At the same time, the IMF recommends that the Philippine government gradually reduce fiscal stimulus to avoid increasing public debt.
The IMF Executive Board stated in a public information announcement on the 19th that it expects the Philippines' Gross Domestic Product (GDP) to grow by 3.2% in 2010, up from 0.9% in 2009. Previously, the IMF Executive Board had discussions and exchanges with the Philippine government regarding economic issues.
The Philippine government has set a GDP growth target of 2.6%-3.6% for 2010.
