December 1, 2023

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Dark clouds hang over IMF-WB spring meetings

2 min read

By Keisha B. Ta-asan, Reporter

WASHINGTON — Global finance officials and central bankers gathered here on Monday for the start of the spring meetings of the World Bank (WB) and International Monetary Fund (IMF) amid a worsening economic outlook, geopolitical tensions and elevated inflation.

Finance Secretary Benjamin E. Diokno and Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla are scheduled to attend the WB-IMF meetings.

The Philippine economic team, which includes Budget Secretary Amenah F. Pangandaman and National Economic and Development Authority Secretary Arsenio M. Balisacan, will also hold an economic briefing on April 12 (US time) for about 180 senior executives and representatives of major US companies and industry groups.

“The message is one of optimism: how the Philippines has transformed itself into one of the fastest-growing economies in the fastest-growing region in the world,” Mr. Diokno said in a Viber message to reporters.

At the economic briefing, Philippine officials are planning to unveil business opportunities for foreign investors in the Philippines and highlight the country’s “strong economic story.”

Last year, Philippine gross domestic product (GDP) expanded by 7.6%, the highest in 46 years. The government expects growth to slow to 6-7% this year, reflecting the gloomy global outlook.

However, the IMF now expects global economic growth to slip below 3% this year, and remain around 3% in the next five years.

IMF Managing Director Kristalina Georgieva last week warned its global economic growth outlook over the next five years is the lowest since 1990.

“Despite surprisingly resilient labor markets and strong consumer demand, despite the uplift in China, we expect the world economy to grow less than 3% this year,” she said in a speech. 

She said global growth remains weak both in the near and medium terms, but Asia remains a bright spot. India and China are likely to make up half of global growth this year,…


2023-04-10 12:32:25

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