Analyst Foresees 3% GDP Contraction for Nigeria in 2020
Contrary to the 5.4 per cent contraction forecasted by the International Monetary Fund for the Nigerian economy in 2020, the Group Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, has projected that the economy would witness a contraction of between two per cent and three per cent this year.
He said: “While we agree that the Nigerian economy will contract in 2020. We, however, believe that the contraction will not be as steep as the 5.4 per cent projected by the IMF. “In summary, robust growth in agriculture and the ICT, which combined account for 36 per cent of the GDP will have the effect of cushioning the rate of economic contraction in 2020. We, therefore, project an economic contraction of two percent to three per cent in 2020.”“Any way you slice it, the Nigerian economy may only recover slowly in the aftermath of the pandemic.
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