IMF sees slower RP economic growth

IMF sees slower RP economic growth

MANILA: The International Monetary Fund (IMF) expects Philippine economic growth to ease to 3.8 percent next year, the Business World newspaper reported Wednesday.

The forecast of IMF assistant director for Asia and the Pacific Charles Adams is 0.2 percentage points below the government's calendar 2002 gross domestic product (GDP) growth target of 4.0 percent, it said.

It quoted Adams as saying there could be a slower rebound for the global as well as Asian economies due to tensions in the Middle East and a subdued improvement in the U.S. economy.

Economic Planning Secretary Dante Canlas said last month that the Philippines economy should expand by 4.2 percent next year, but that a war in Iraq could derail the target.

The Philippine economy grew by an 3.9 percent in the three months to September, according to official projections. -- AFP