Hidden Bibliographic Details
| Varying Form of Title: | Philippines, 2014 article IV consultation
|
|---|
| Other authors / contributors: | International Monetary Fund.
|
|---|
| ISBN: | 9781484350584
1484350588
1498385249
9781498385244
1484366433
9781484366431
9781498353052
1498353053
9781498353052
|
|---|
| Digital file characteristics: | text file
|
|---|
| Notes: | "August 2014."
"June 18, 2014"--Page 2 of pdf.
Includes bibliographical references.
English.
Online resource; title from pdf title page (IMF Web site, viewed on August 12, 2014).
|
|---|
| Summary: | KEY ISSUES Context. Growth remains rapid, but has moderated from the 71/4 percent recorded in 2013. Remittances and accommodative monetary and financial conditions remain the primary growth drivers, despite volatile capital flows, slowing activity in the region and severe natural disasters. Inflation has picked up to over 4 percent, while the current account remains in surplus. Local financial markets were moderately impacted by the Fed's "taper talk and action," weakening the peso and equity prices. Credit growth has quickened, especially to construction. Potential growth has risen to about 6?61/4 percent. However, persistent weakness in the business climate is a risk to sustained growth and hinders job creation. Foreign ownership restrictions, inadequate infrastructure and high doing-business costs have held back overall investment and employment. Along with frequent natural disasters, this has kept poverty elevated, thereby sustaining outward migration. Outlook and risks. Normalizing financial conditions are forecast to ease growth to 6?61/2 percent over the medium term, while keeping inflation within the band and moderating the current account surplus. Abrupt changes in global financial conditions and a sharp growth slowdown in EMs are among the external growth risks. On the domestic front, excessive flow of real and financial resources to the property sector could increase volatility of asset prices and GDP growth over the longer run. Policy recommendations. A more restrictive policy stance is needed to preserve macro- financial stability, with rebalancing of the mix to allow higher public investment spending, while implementing reforms to sustain vibrant growth and make it more inclusive.
|
|---|
| Other form: | Print version: International Monetary Fund. Philippines : 2014 article IV consultation-staff report; press release. Washington, District of Columbia : International Monetary Fund, ©2014 64 pages IMF country report ; 14/245 9781498353052
|
|---|
