Nigeria’s GDP to decline to -5.2%- IMF
The International Monetary Fund has downgraded Nigerian’s economic outlook or GDP in the 2020 fiscal period to -5.4 percent.The IMF however said Nigeria’s economy will see a rebound of 2.6% in 2021 suggesting an increase of 200 basis points when compared to the 2.4 per cent April projection for 2021.The Washington- based lender made these projections on Wednesday during a presentation on the release of the June 2020 World Economic Outlook.
This forecast, the report said “assumes that financial conditions—which have eased following the release of the April 2020 WEO—will remain broadly at current levels. Alternative outcomes to those in the baseline are clearly possible, and not just because of how the pandemic is evolving.” Where economies are reopening, targeted support the IMF explained “should be gradually unwound as the recovery gets underway, and policies should provide stimulus to lift demand and ease and incentivize the reallocation of resources away from sectors likely to emerge persistently smaller after the pandemic.”
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