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Palace dismisses IMF downgrade of RP growth

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By Joel Guinto
First Posted 12:27:00 03/25/2009

SAN JUAN, Batangas, Philippines – Malacañang shrugged off a possible downgrade of the International Monetary Fund’s growth forecast for the country, saying it is “expected.”

But Press Secretary Cerge Remonde said that while growth would slow down, the Philippine economy would neither contract, nor slip into recession, unlike its Asian neighbors.

“That’s expected because of the global economic crisis,” Remonde said, when asked about the downgrade.

“But the other way of looking at it, the positive side is that the Philippines is one of only two countries in Asia that continue to experience positive economic growth,” Remonde said, adding, “In light of the global economic crisis, this is still a major accomplishment.”

The IMF said it was “reviewing the macroeconomic framework” of the Philippines, with exports expected to decline as the recession in its two biggest markets – the United States and Europe – continued.

In February, the IMF forecast that the Philippine economy will grow by 2.25 percent.

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Written by joelguinto

WedUTC2009-03-25T05:19:10+00:00UTC03bUTCWed, 25 Mar 2009 05:19:10 +0000 22, 2006 at 12:45 am03

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