IMF Raises Nigeria's 2021 GDP Growth Forecast to 2.5% : vima

IMF Raises Nigeria's 2021 GDP Growth Forecast to 2.5%


Obinna Chima
The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2021 from one per cent it had predicted in January to 2.5 per cent.
IMF, in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” that was released yesterday, however, expects a 2.3 per cent economic growth for the country in 2022.
For Sub-Saharan Africa generally, the IMF also anticipated growth of 3.4 per cent this year, higher than its earlier forecast of 0.2 per cent.
“The pandemic continues to exact a large toll on Sub-Saharan Africa (especially, for example, Ghana, Kenya, Nigeria, South Africa). Following the largest contraction ever for the region (1.9 per cent in 2020), growth is expected to rebound to 3.4 per cent in 2021, significantly lower than the trend anticipated before the pandemic. Tourism-reliant economies will likely be the most affected,” the IMF said.

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