Over the near and medium term, the IMF sees downside risks, including rising geopolitical tensions, intensifying social unrest; and further worsening relations between the US and its trading partners. The recent growing concern over the Wuhan coronavirus outbreak has likewise weighed down on growth prospects not only in China, but in the entire world.
On the domestic front, latest surveillance reports from multilateral agencies such as the IMF, the World Bank (W B), and the Asian Development Bank (ADB) continue to expect the Philippine economy to remain one of the fastest-growing economies in 2020—not only in the region, but in the world as well.