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Multilaterals, credit raters: PH financial system to rebound in 2021

Multilaterals, credit raters: PH financial system to rebound in 2021

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Global monetary our bodies and credit rating agencies quiz of the Philippine financial system to recover in 2021 following the cautious resumption of industry activities this year, however the Covid-19 disaster keeps this removed from sure. Multilateral institutions gape domestic output jumpy by between 1.9 percent and 7.3 percent this year earlier than bouncing back. The World Monetary Fund (IMF) in particular has forecast a 3.6 percent contraction for 2020 after the pandemic disrupted provide chains here and out of the country. IMF Resident Representative to the Philippines Yongzheng Yang acknowledged, “The IMF team is monitoring trends within the Philippines and the updated forecasts will probably be released as part of the October World Financial Change [during the] IMF and World Mone...