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