The International Monetary Fund (IMF) on Tuesday projected that Nigeria’s economy would contract by 3.4% in 2020, implying the reversal of the modest 2.27% real growth recorded in 2019 to a possible growth of -1.13% by year end.
The Breton Woods development finance institution, which made this projection in its latest edition of the World Economic Outlook just released at the ongoing World Bank/IMF Spring Meeting in Washington D.C, however, predicted that the nation’s economy would rebound with 2.4% growth in 2021. According to the current data published by the National Bureau of Statistics (NBS) on the country’s economic performance, the overall GDP in 2019 indicated a real growth of 2.27%, compared to 1.91% in 2018 while the real GDP grew by 5.59% quarter on quarter. The bureau stated: “Nigeria’s Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms in the fourth quarter of 2019”
The International Monetary Fund (IMF) on Tuesday projected that Nigeria’s economy would contract by 3.4% in 2020, implying the reversal of the modest 2.27% real growth recorded in 2019 to a possible growth of -1.13% by year end.
The Breton Woods development finance institution, which made this projection in its latest edition of the World Economic Outlook just released at the ongoing World Bank/IMF Spring Meeting in Washington D.C, however, predicted that the nation’s economy would rebound with 2.4% growth in 2021. According to the current data published by the National Bureau of Statistics (NBS) on the country’s economic performance, the overall GDP in 2019 indicated a real growth of 2.27%, compared to 1.91% in 2018 while the real GDP grew by 5.59% quarter on quarter. The bureau stated: “Nigeria’s Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms in the fourth quarter of 2019”
DAILY TRUST
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