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IMF: Philippine growth to lead Southeast Asia

The Philippine economy will be the fastest-growing in Southeast Asia this year on the back of more proactive government spending, the International Monetary Fund (IMF) said.
The Philippine economy will be the fastest-growing in Southeast Asiathis year on the back of more proactive government spending, theInternational Monetary Fund (IMF) said.

Thecountry’s 6.1 percent growth last year was one of the highest in theregion, buoyed by household consumption, fixed capital formation and netexports.

IMF forecast the economy will expand 6.7 percent in2015, higher than the earlier prediction of 6.3 percent while theinflation rate is projected to stand in the range of 2-4 percent.

In addition, current account surplus will be scaled up thanks to lower oil price, tourism inflows and foreign remittances.

Consumption in the country is expected to remain high, spurred by cheap fuel.

However,IMF saw risks in sudden shifts in financial asset prices and externaldemands and recommended that the Philippine Government should focus onan overhaul of tax system to enlarge tax revenue and encourage privatesector’s investment in facilities, education, medical and other staplefields.-VNA
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