Philippines: 2009 Article IV Consultation-Staff Report, Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines
IMF Staff Country Reports, February 19, 2010
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- Philippines: 2009 Article IV Consultation-Staff Report, Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines
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Bibliographic details
- Published: February 19, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451831450.002
Overview
- Following the adverse impact from the global economic and financial crisis, there are signs of a nascent recovery of the Philippine economy.
- Growth is expected at ¾ percent in 2009 and to recover to about 3¼ percent in 2010.
- The recovery will likely be led by private consumption as confidence strengthens and remittances pick up further.
- Investments and exports are also expected to benefit from the global recovery.
- Risks to the near-term outlook are broadly balanced and sensitive to the global growth outturn.
Short-term outlook and drivers
- Private consumption: Expected to lead the recovery as confidence strengthens and remittances pick up further.
- Remittances: Identified as a key driver supporting household incomes and consumption.
- Investments: Expected to benefit from the global recovery.
- Exports: Expected to benefit from the global recovery.
Risks and sensitivity
- Near-term outlook characterized as broadly balanced.
- Outlook is sensitive to the global growth outturn.
Subject areas and keywords
- Subject: Balance of payments, Economic sectors, Exchange rates, External debt, Foreign exchange, Public debt, Public sector, Remittances
- Keywords: concentration risk, CR, deficit, Exchange rates, expenditure restraint, fiscal authorities, Global, government, IBRD loan, IMF definition, ISCR, monetary policy, monetary policy stance, Public sector, Remittances, risk appetite, well functioning banking system