IMF further reduces Nigeria’s 2020 growth rate to -5.4% vanguardnews
The International Monetary Fund, IMF, has further downgraded Nigeria’s economic outlook for the rest of 2020 to -5.4 percent growth, worse than sub-Saharan Africa’s average of -3.2%.
In its World Economic Outlook Growth Projections released yesterday, the IMF said, however, that Nigeria, which recorded a 2.2 % growth rate, last year, could bounce back to a 2.6 growth next year. It said: “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast.
“As with the April 2020 WEO projections, there is a higher-than-usual degree of uncertainty around this forecast. The baseline projection rests on key assumptions about the fallout from the pandemic.
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