Philippines' 2021 growth to rebound less than expected, says IMF

Customers dine in a food court at the SM City Bacoor shopping mall in Bacoor, Cavite province.Philippines inflation rate rose 4.5% from a year earlier in May, the Philippine Statistics Authority said in a statement on its website. - Bloomberg

MANILA, June 19 (Reuters): The International Monetary Fund (IMF) slashed its 2021 growth forecast for the Philippines to 5.4% from 6.9%, but a sharp rebound could come next year if coronavirus quarantine curbs are eased sooner than expected, its mission head has announced.

A new surge in Covid-19 cases starting in March prompted the reimposition of stricter containment measures, likely slowing the country's economic recovery in the first half, Thomas Helbling, IMF mission chief for Manila, told reporters in a briefing.