Nigeria’s economy’ll contract by 4.3% in 2020 – IMF

In the wake of the COVID-19 pandemic lockdown, the Nigerian economy is projected to contract by 4.3 per cent in 2020.

This is according to the International Monetary Fund in its World Economic Outlook report for October 2020 which was released on Tuesday.

The IMF had earlier April predicted a 3.4 per cent contraction of the economy. It also predicted 5.4 per cent contraction in June.It however projected that the economy would recover by 1.7 per cent in 2021.

According to the report, global growth was projected to contract by 4.4 per cent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook Update.

It stated, “Global growth is projected at 5.2 per cent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing.

“Following the contraction in 2020 and recovery in 2021, the level of global GDP in 2021 is expected to be a modest 0.6 per cent above that of 2019.

“After the rebound in 2021, global growth is expected to gradually slow to about 3.5 per cent into the medium term.”

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