economic outlook - updates

Rappler's latest stories on economic outlook


IMF predicts worst Middle East downturn in half century

Jul 13, 2020 - 8:50 PM

The International Monetary Fund sees the Middle East and North Africa regional economy shrinking by 5.7% in 2020

Cars drive down King Fahad boulevard after the authorities eased some of the lockdown measures that had been imposed in a bid to slow down the spead of the novel coronavirus, in the Saudi capital Riyadh on June 21, 2020. (Photo by FAYEZ NURELDINE / AFP)

Pandemic may push 50 million Africans into extreme poverty – AfDB

Jul 08, 2020 - 12:00 PM

The African Development Bank says Nigeria, the continent's most populous country, would see the greatest rise in poverty

People queue to collect food parcels distributed to cushion the effect of lockdown in the Ikorodu district of Lagos, on April 30, 2020. - President Muhammadu Buhari on Monday ordered a "phased and gradual easing" from next week of a lockdown covering Africa's biggest city, neighbouring Ogun state and the national capital Abuja (Photo by PIUS UTOMI EKPEI / AFP)

IMF warns pandemic set to undo decade of progress in Africa

Jun 30, 2020 - 12:05 PM

The International Monetary Fund sees the economy of sub-Saharan Africa contracting by 3.2% in 2020

Sparse visitors walk on a warm winter day at the marina of the V&A Waterfront in Cape Town, on June 15, 2020. - Usually busy throughout the year and bustling with patrons and tourists both local and international, the eateries and restaurants of this prime shopping centre have been hit hard by the lockdown and are currently closed. (Photo by MARCO LONGARI / AFP)

IMF sharply cuts Saudi forecast as oil, virus hit economy

Jun 24, 2020 - 10:45 PM

The International Monetary Fund predicts Saudi Arabia's economy will contract by 6.8% in 2020

A picture taken on March 23, 2020, shows the empty King Fahd road in the Saudi capital Riyadh after authorities imposed a curfew for 21 days to curb the spread of the COVID-19 coronavirus pandemic. (Photo by FAYEZ NURELDINE / AFP)

Amid grim outlook, IMF says things could get better, or worse

Jun 24, 2020 - 10:20 PM

(UPDATED) The International Monetary Fund acknowledges the high levels of uncertainty as the coronavirus pandemic ravages the global economy

Children sell facemasks on a street after the government eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Rawalpindi on May 16, 2020. (Photo by Farooq NAEEM / AFP)

Coronavirus sinks global economy in 2020, collapsing GDP 4.9% – IMF

Jun 24, 2020 - 10:00 PM

(UPDATED) The International Monetary Fund estimates the coronavirus crisis will destroy $12 trillion over two years, leaving lasting scars on employment, businesses, and trade

An employee clears a tray at a food court in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus. (Photo by Roslan RAHMAN / AFP)

Middle East debt, unemployment to spike in virus recession – IMF

Apr 15, 2020 - 6:40 PM

Countries in the Middle East and North Africa will lose hundreds of billions of dollars in revenues in 2020, says the International Monetary Fund

A picture taken on March 23, 2020, shows the empty King Fahd road in the Saudi capital Riyadh after authorities imposed a curfew for 21 days to curb the spread of the COVID-19 coronavirus pandemic. (Photo by FAYEZ NURELDINE / AFP)

Pandemic set to plunge sub-Saharan Africa into recession – IMF

Apr 14, 2020 - 11:40 PM

The International Monetary Fund forecasts a 1.6% contraction for sub-Saharan Africa in 2020

WASH HANDS. Parishioners wash hands as a preventive measure against the spread of the coronavirus on the last day of full gatherings as a parish at the Saint Don Bosco Catholic Parish in Lilongwe on March 22, 2020. Photo by Amos Gumulira/AFP

China, India to narrowly avoid recession in virus-hit 2020 – IMF

Apr 14, 2020 - 11:25 PM

The International Monetary Fund predicts growth of 1.2% for China and 1.9% for India in 2020, despite the coronavirus pandemic

People stand in queue keeping social distance beside a Covid-19 awareness scarecrows placed by Chennai municipality at a market during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Chennai on April 11, 2020. (Photo by Arun SANKAR / AFP)

Middle East economy set for worst slump in decades – IMF

Apr 14, 2020 - 11:10 PM

For 2020, the International Monetary Fund sees the Middle East and North Africa region suffering its worst economic performance since 1978

A Saudi man, wearing a protective mask as a precaution against COVID-19 coronavirus disease, walks along Tahlia street in the centre of the capital Riyadh on March 15, 2020. (Photo by FAYEZ NURELDINE / AFP)

IMF says eurozone economy will crash in 2020

Apr 14, 2020 - 10:55 PM

The International Monetary Fund expects the eurozone economy to crash by a staggering 7.5%, a free fall not seen since the 1930s Great Depression

An elderly homeless man stands by a barrier closing access to the Vatican's St. Peter's Square on April 10, 2020 during the lockdown aimed at curbing the spread of the COVID-19 infection, caused by the novel coronavirus. (Photo by Filippo MONTEFORTE / AFP)

Pandemic causing deep recession, and it could get worse – IMF

Apr 14, 2020 - 10:40 PM

(UPDATED) The International Monetary Fund warns there are 'severe risks of a worse outcome' for the global economy as the coronavirus pandemic unfolds

This photo taken on March 18, 2020 shows images of medical workers from Fujian who were sent to Wuhan to help with the recovery effort from the COVID-19 coronavirus outbreak, displayed on buildings in Fuzhou in China's eastern Fujian province. (Photo by STR / AFP) / China OUT

IMF cuts global growth estimate to 3.3% as world economy loses steam

Apr 09, 2019 - 9:23 PM

The IMF's World Economic Outlook once again downgrades global growth to 3.3% for 2019, two tenths lower than the global crisis lender forecast in January and 4 tenths lower than October

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. File photo by Jim Watson/AFP

IMF cuts global growth forecast to 3.7% for 2018, 2019 as risks rise

Oct 09, 2018 - 9:19 AM

The International Monetary Fund warns that risks highlighted in previous reports 'have become more pronounced or have partially materialized' in the real world

GROWTH FORECAST. The International Monetary Fund logo is seen 05 April 2007 in Washington, DC.  File photo by Tim Sloan/AFP

World Bank downgrades 2018 Philippine economic outlook

Oct 04, 2018 - 2:19 PM

The World Bank says the Philippines' growth trajectory is positive but lower than expected

GROWTH. The World Bank cuts the growth forecast for the Philippines in 2018, but says the economy will remain strong in the coming years. Photo by Jire Carreon/Rappler

SC ousts Sereno, Duterte on Lagarde, Trump to meet Kim in Singapore | Midday wRap

May 11, 2018 - 1:00 PM

Watch Rappler's midday newscast with Jee Geronimo

World Bank expects stable 6.7% growth for PH in 2018, 2019

Apr 12, 2018 - 8:00 PM

'Any growth above 6.7% would require vigorous investment in physical and human capital to push the economy beyond its current potential output,' says the World Bank

U.S. Fed: New rate hike likely coming 'soon'

May 25, 2017 - 10:35 AM

Most analysts expect two more rate increases this year likely in June and in September but there are now doubts over that schedule

RATE HIKE. Federal Reserve Board Chair Janet Yellen holds a news conference after the central bank announced an increase in the benchmark interest rate following a Federal Open Market Committee meeting on December 14, 2016 in Washington, DC. File photo by Chip Somodevilla/Getty Images/AFP

U.S. Fed raises benchmark interest rate a quarter point

Mar 16, 2017 - 7:55 AM

But US Federal Reserve Chair Janet Yellen says they have yet to discuss the potential impact of US President Donald Trump s planned tax cuts and infrastructure spending

WASHINGTON, DC - MARCH 15: Federal Reserve Board Chairwoman Janet Yellen holds a news conference following a meeting of the Federal Open Market Committee March 15, 2017 in Washington, DC. Yellen announced that the Fed raised its benchmark interest rate for the third time since the 2009 global financial crisis, earlier than markets anticipated at the beginning of this year. Chip Somodevilla/Getty Images/AFP

Citing Trump 'uncertainty,' Fed says faster rate hikes possible

Jan 05, 2017 - 1:05 PM

US President elect Donald Trump s pledge to slash taxes and ramp up infrastructure spending could boost demand above sustainable levels

WASHINGTON, DC - DECEMBER 14: Federal Reserve Board Chair Janet Yellen holds a news conference after the central bank announced an increase in the benchmark interest rate following a Federal Open Market Committee meeting December 14, 2016 in Washington, DC. With unemployment low and concern over inflation on the rise, the central bank decided to raise the federal interest rate by a quarter of a percentage point, moving from 0.25-0.50 percent to a range of 0.50 and 0.75 percent. Chip Somodevilla/Getty Images/AFP

UBS sees slower growth, weaker peso for 2017, 2018

Dec 28, 2016 - 8:14 PM

The global financial giant forecasts economic growth to slow to 5 6 next year and 6 0 in 2018 with the peso hitting 51 to the dollar next year and falling further to 55 in 2018

World Bank expects strong growth for PH until 2018

Dec 15, 2016 - 4:55 PM

The global institution sees 6 8 growth this year 6 9 next year and 7 0 in 2018 due to expected infrastructure upgrades and high confidence among consumers and investors

A bird's eye view of two buildings under construction in Manila on November 17, 2016. The Philippines became developing Asia's fastest-growing major economy in President Rodrigo Duterte's first three months in office, officials said on November 17, even as his fiery rhetoric hit the peso and stock prices. / AFP PHOTO / TED ALJIBE

ADB upgrades PH growth forecast for 2016, 2017

Dec 13, 2016 - 8:25 PM

The Asian Development Bank sees the country s GDP growth hitting 6 8 this year instead of 6 4 and 6 4 next year instead of 6 2

IMF warns of protectionist threat to global growth

Oct 05, 2016 - 11:30 AM

The International Monetary Fund cuts its economic outlook for the United States but upgrades those for Japan and the eurozone

This IMF handout photo shows International Monetary Fund Economic Counsellor Maurice Obstfeld as he answers questions during the World Economic Outlook Press Conference at the IMF Headquarters during the 2016 IMF/World Bank Annual Meetings October 4, 201 in Washington, DC. / AFP PHOTO / IMF / Stephen Jaffe / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO /IMF/Stephen JAFFE" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS

ADB upgrades PH growth outlook to 6.4% for 2016, 6.2% for 2017

Sep 27, 2016 - 4:33 PM

The Asian Development Bank sees the Philippines as an economic bright spot with growth expected to pick up on continued consumption and expected reforms

OPTIMISTIC. Economists at the Asian Development Bank explain their projections for the Philippines and the rest of the region at the release of the update to its flagship report held on September 27 at its headquarters in Mandaluyong. Photo by Chris Schnabel/Rappler

US Federal Reserve keeps key interest rate on hold

Sep 22, 2016 - 11:10 PM

Fed Chair Janet Yellen denies that politics is a factor in the decision making of the Federal Open Market Committee

Federal Reserve Chair Janet Yellen speaks during a press conference following the announcement that the Fed will leave rates unchanged, in Washington, DC, September 21, 2016. The Federal Reserve kept its benchmark interest rate unchanged for the sixth straight meeting Wednesday, saying it needs to see more signs of strength in the US economy. / AFP PHOTO / SAUL LOEB

Divided Fed wanted to keep rate 'options open'

Aug 18, 2016 - 11:25 PM

Minutes of the US Federal Reserve s July meeting show inflation is foremost on policy makers minds

(FILES) This file photo taken on August 9, 2011 shows the US Federal Reserve building in Washington, DC.  US Federal Reserve policy makers last month believed risks to the US economy had lessened but wanted to keep their interest rate policy "options open", according to minutes released August 17, 2016. / AFP PHOTO / KAREN BLEIER

Fed leaves rates unchanged but says US economy improving

Jul 28, 2016 - 5:00 PM

There s still the possibility of an increase in the benchmark federal funds rate by December

NEW YORK, NY - JULY 27: American flags are displayed outside the New York Stock Exchange (NYSE) during the evening of July 27, 2016 in New York City. The dollar fell Wednesday as the U.S. Federal Reserve's latest policy statement caused investors to reassess expectations for interest rate increases in the coming months. Kena Betancur/Getty Images/AFP

Brexit to drag on global growth through 2017 – IMF

Jul 19, 2016 - 10:50 PM

The International Monetary Fund now predicts global economic growth to be 3 1 this year and 3 4 in 2017

epaselect epa05387297 An investor looks at an electronic screen showing stock market movements at a securities brokerage house in Beijing, China, 24 June 2016. Chinese mainland markets traded lower, with the Shanghai composite down 0.95 percent and the Shenzhen composite down 0.10 percent in reaction to the British EU referendum. Britons in a referendum on 23 June have voted by a narrow margin to leave the European Union (EU). Media reports on early 24 June indicate that 51.9 per cent voted in favour of leaving the EU while 48.1 per cent voted for remaining in. EPA/HOW HWEE YOUNG

ADB: Asia's developing economies unscathed despite Brexit, weak US

Jul 18, 2016 - 3:05 PM

The ADB s latest growth forecast for the region is down by just 0 1 for 2016 as it expects the Brexit s impact in the short term to be minimal

epa05132561 Filipinos work at a building construction site in Pasay city, south of Manila, Philippines, 29 January 2016. The Philippine economy grew at a 'respectable' 5.8 per cent in 2015, a slower rate than the previous year and missing the government's annual target, an official said 28 January 2016. Although still expected to be among the fastest in the region, gross domestic product (GDP) growth was slower than the administration's target of 7 per cent to 8 per cent, and down from 2014's expansion of 6.1 per cent. EPA/MARK R. CRISTINO

US economy still tracking 'modest' growth – Fed report

Jul 14, 2016 - 6:00 PM

The outlook was generally positive across broad segments of the economy including retail sales manufacturing and real estate says the US Federal Reserve

epa05344762 US Federal Reserve Chair Janet Yellen (C) attends an open meeting of the Board of Governors of the Federal Reserve System, with Vice Chair Stanley Fischer (L) and Federal Reserve Governor Daniel Tarullo (R); at the Marriner S. Eccles Federal Reserve Board Building, in Washington, DC, USA, 03 June 2016. EPA/MICHAEL REYNOLDS

Fed was divided in June over hiking interest rates soon

Jul 07, 2016 - 1:30 PM

Almost all participants said the weak May labor report led to growing uncertainty according to minutes of the meeting

epa05367807 US Federal Reserve Chair Janet Yellen speaks at a press conference after announcing that the Federal Reserve plans to leave interest rates unchanged in Washington, DC, USA, 15 June 2016. Yellen hinted that the Federal reserve may still increase interest rates on two occasions before the end of the year. EPA/JIM LO SCALZO

Fed keeps interest rate steady as Brexit vote looms

Jun 16, 2016 - 4:35 PM

It is a decision that could have consequences for economic and financial conditions in global financial markets says Janet Yellen about Britain s June 23 referendum

epa05367974 US Federal Reserve Chair Janet Yellen speaks at a press conference after announcing that the Federal Reserve plans to leave interest rates unchanged in Washington, DC, USA, 15 June 2016. Yellen hinted that the Federal reserve may still increase interest rates on two occasions before the end of the year. EPA/JIM LO SCALZO

World Bank cuts 2016 global growth forecast to 2.4%

Jun 08, 2016 - 3:25 PM

Commodity exporting nations are particularly hit but expectations for the Philippines and East Asia stay the same

Fed minutes: Door still open for a June rate hike

May 19, 2016 - 3:00 PM

US central bank policymakers are unexpectedly open to a rate hike in June

epa05288807 Chair of the Board of Governors of the Federal Reserve System Janet Yellen, with Vice Chairman Stanley Fischer (L) and Governor Daniel Tarullo (R), participates in a meeting 'to discuss a proposed rule to establish the Net Stable Funding Ratio, as well as a proposed rule establishing restrictions on qualified financial contracts of systemically important banking organizations.' at the Federal Reserve in Washington, DC, USA, 03 May 2016. EPA/SHAWN THEW

Philippine economy to top ASEAN-5 in 2016 – IMF

May 03, 2016 - 6:15 PM

Continued strong domestic demand will help the country offset risks from a volatile global market says the International Monetary Fund

Fed frets less over world economy; June rate hike odds rise

Apr 28, 2016 - 3:35 PM

The Federal Open Market Committee simply says it will closely monitor inflation indicators and global economic and financial developments

NEW YORK, NY - APRIL 27: Traders work on the floor of the New York Stock Exchange (NYSE) on April 27, 2016 in New York, New York. In a not unexpected move, Federal Reserve officials left short-term interest rates unchanged Wednesday citing lingering concerns about low inflation and global economic developments. Spencer Platt/Getty Images/AFP

IMF urges Gulf states to adapt to lower oil prices

Apr 25, 2016 - 5:45 PM

Given falling revenues from oil exports the International Monetary Fund says affected countries must cut spending and implement other measures

A lone gas flame is seen in the desert at Khurais oil field, about 160 km from Riyadh, Kingdom of Saudi Arabia, 23 June 2008. A top executive at Saudi Aramco said that the company's plans are on track for its Khurais project south of Riyadh which puts put 1.2 million barrels per day (bpd), Gulf Daily News reported. A statement said the project is valued at $10 billion and would be on time giving another major boost to capacity from the Khursaniyah oil field. The processing facility will handle oil from the Abu Jifan and Mazalij fields, as well as Khurais. EPA/ALI HAIDER

Economic slump worries as IMF, World Bank pledge action

Apr 17, 2016 - 5:05 PM

International Monetary Fund Managing Director Christine Lagarde: Clearly the question is how much is going to get done?

epa05262305 A handout photograph made available by the International Monetary Fund (IMF) showing International Monetary Fund (IMF) Managing Director Christine Lagarde (C) speaking to members of the International Monetary and Financial Committee (IMFC) at the IMF Headquarters in Washington, DC., USA, 16 April 2016 The Spring meetings of the IMF and the World Bank Group take place in Washington, DC, between 15-17 April 2016. EPA/STEPHEN JAFFE / IMF / HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES

China overcapacity darkens Asia's 2016 growth prospects – ADB

Mar 30, 2016 - 10:35 PM

The Asian Development Bank cuts its prediction for Asia s growth to 5 7

epa05187578 (FILE) A file photo dated 04 June 2007 showing workers transporting steel cables at a steel yard in Beijing, China. China plans to cut 1.8 million jobs in the coal and steel industries, officials said 29 February 2016, to reduce industrial overcapacity. The figures mean around 15 per cent of the workforce in each sector would lose their jobs. The government would provide 100 billion yuan (15 billion dollars) in total to support the redundant workers, Yin added. He did not give a timeframe for the redundancies, but the State Council said this month it would shut down 100 million to 150 million tons of low-end steel capacity and 500 million tonnes of coal production within three to five years. China's industrial overcapacity, particularly in the steel sector, poses an increasing threat to world economies, according to a recent report by the European Union Chamber of Commerce in China. Around 1.3 million of the layoffs are expected to come from the coal industry while around 500,000 will come from the iron and steel sectors, according to Yin. EPA/MICHAEL REYNOLDS

Yellen confident in US growth but stresses 'gradual' rate hikes

Mar 30, 2016 - 1:55 PM

Federal Reserve Chair Janet Yellen says the US economy is remarkably resilient but there are broader concerns about global financial developments

NEW YORK, NY - MARCH 29: Federal Reserve Board Chairwoman, Janet Yellen speaks at the Economic Club of New York on March 29, 2016 in New York City. Due to an easing of domestic financial conditions, Yellen said that growth in the United States economy remained on track. Spencer Platt/Getty Images/AFP

Tough global environment drags ADB's PH growth forecast

Mar 30, 2016 - 12:05 PM

ADB says private consumption will still be the main driver of the Philippine economy in 2016 although the impact of El Niño might set it back

LOWERS FORECAST. Philippine economic growth is projected to pick up with higher investment and consumption

IMF ups call for action against global economic slide

Mar 09, 2016 - 6:00 PM

The International Monetary Fund urges leaders to expand fiscal stimulus and structural reforms

epa05197283 A photo made available 06 March 2016 shows workers working on top of a building under construction in Beirut, Lebanon, 05 March 2016. The Lebanese real estate sector has been affected negatively by the lingering political and security situation in Lebanon, the ongoing war in Syria, as well as the decreasing number of foreigners who invest in Lebanon which resulted in the solidification of property sales transactions in about 14.5 percent. EPA/WAEL HAMZEH

China economy 'absolutely' won't have hard landing – official

Mar 07, 2016 - 12:48 AM

Please calm down everyone this possibility doesn t exist says planning chief Xu Shaoshi

epa05169711 A Chinese vegetable vendor hands a customers her goods at a market in Beijing, China, 19 February 2016. Chinese producer prices continued to drop in January while consumer prices edged up, according to official figures released 18 February. The producer price index, which measures the cost of goods at wholesale level, dropped 5.3 per cent year-on-year in January for the 47th straight month of decline while consumer price index, which measures retail inflation, grew 1.8 per cent in January from one year earlier, up slightly from December's 1.6-per-cent increase, the National Bureau of Statistics said. EPA/HOW HWEE YOUNG

G20 nations pledge all tools to lift growth

Feb 27, 2016 - 5:37 PM

UPDATED The world s top economies cite risks such as falling commodity prices and geopolitical tensions

CHINA G20. Amid slow growth and economic downturns, finance ministers of the world's top 20 economies promise to use all available tools to help lift growth. Photo by Rolex Dela Peña/EPA

Philippine firms less optimistic about Q1 prospects

Feb 26, 2016 - 6:15 PM

The latest Business Expectations Survey shows business sentiment is more upbeat in the second quarter of 2016

LESS OPTIMISTIC. The sentiment of Philippine businesses mirrors those in the UK, Germany, China, and Korea, but is in contrast to those in the US, Canada, France, Netherlands, and Russia. Photo by Pat Nabong/Rappler

IMF warns G20: World economy 'highly vulnerable'

Feb 25, 2016 - 2:00 PM

The International Monetary Fund says growth is hampered by market turbulence and geopolitical conflicts

epa05176875 (FILE) A file photo dated 01 February 2013 shows dark clouds above London's financial heart, Canary Wharf, in London, Britain. A group of more than 100 leaders of major businesses on 23 February 2016 backed Prime Minister David Cameron's campaign for Britain to remain in the European Union, saying a British exit, or Brexit, would 'deter investment and threaten jobs.' 'Business needs unrestricted access to the European market of 500 million people in order to continue to grow, invest and create jobs,' the business leaders said in a letter published in the Times. 'We believe that leaving the EU would deter investment, threaten jobs and put the economy at risk,' the letter read. The nearly 200 signatories included top executives from 36 companies listed on London's FTSE 100 index. EPA/ANDY RAIN

World Bank: PH can end poverty in a generation

Feb 24, 2016 - 7:00 PM

The World Bank s lead poverty reduction economist in the country says growth has finally started reaching the poor

PH outlook bright despite China slowdown – IMF

Feb 23, 2016 - 8:57 PM

The IMF predicts that the future will be in services and the Philippines is well suited for the shift

Rappler Talk: AU Ambassador Bill Tweddell on PH and SEA outlook

Dec 16, 2015 - 9:42 AM

The Philippines and Australia has 70 years of diplomatic relations How do these ties solve security issues in the region?