IMF Slashes PH Growth Forecast

The International Monetary Fund (IMF) has slashed its growth projections for the Philippine economy this year amid weak state spending, which stunted the country’s performance in the first quarter, reports IMF said weak global demand for exports, and the effects of dry weather on the agricultural sector would drag on the economy’s prospects. For 2015, the IMF said it sees Philippine gross domestic product (GDP) rising by 6.2 percent, before accelerating to 6.5 percent in 2016.