IMF Asia Economic Outlook Inflation Philippines




19 Oct 2021


Washington, DC, United States



IMF Asia Economic Outlook Inflation Philippines
Washington, DC – Recent
1. B-ROLL: Exterior IMF

Washington, DC --- 19 October 2021
2. Wideshot news conference
3. SOUNDBITE: (English) Changyong Rhee, Director IMF Asia Pacific Department:
“COVID 19 pandemic is expected to leave medium-term scars to Asian economies. Divergence in economic prospect across countries, sectors, income and skill levels and age and gender will remain the most important feature of the ongoing recovery. Output levels of the developing countries compare with the best countries are expected to remain below pre-pandemic trends in the coming years, reflecting differences in policy support and vaccine rollouts.”
4. Wideshot news conference
5. SOUNDBITE: (English) Changyong Rhee, Director IMF Asia Pacific Department:
“The main risk is related to evolving pandemic dynamics. For example, the possibility of COVID becoming endemic and the lower vaccine efficiency against new variants. Rising inflation is also posing uncertainties as higher commodity prices. Supply chain bottlenecks and rising shipping costs continue to pull inflation pressures. It also encourages risk of financial spillovers from US monetary policy normalization. As the US Fed is more likely to start normalization earlier if inflation pressures increase further in the United States. The increase in inflation in Asia, however, has been more subdued than in other regions so far. But the risk is rising.”
6. Wideshot news conference
7. SOUNDBITE: (English) Changyong Rhee, Director IMF Asia Pacific Department:
“Well, what we are worrying about is that, you know, after the global financial crisis, Asia also rely on large stimulus packages. And then after Covid given relatively limited policy base, many Asian countries actually increase the leverages. So if you look at the leverage ratio in Asia, overall is quite higher than before. So the higher interest rate in the United States can cause a capital outflow from the region that can cause a depreciation that can cause the domestic financing market costing cost increase.”
8. Wideshot news conference
9. SOUNDBITE: (English) Changyong Rhee, Director IMF Asia Pacific Department:
“Unless you have a higher number of people vaccinated, you cannot forever to maintain the containment policy because the economy impact will be very serious. So I really hope that the Philippine government accelerate the vaccination of the people. And with that, I think hope that they can go back to their previous economic trend, such as six to seven percent growth rate based on their build infrastructure investment plan.”
10. Wideshot news conference
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