Independent Newspapers Nigeria. With production and spending curtailed, the economic outlook for the country is set to remain grim. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. We need to wisen up. Sorry, your blog cannot share posts by email. They recruit your best brains and give them big titles but use them against their nation for their selfish. It predicted euro-area economies as a whole would match U.S. growth of 4.7% in 2021. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. The International Monetary Fund (IMF) on Wednesday said the Nigerian economy will contract by 5.4 per cent in 2020. The Bretton Wood institution said in its reports that it expects Nigeria’s Gross Domestic Product … It said its forecasts were marked by “extreme uncertainty” and that outcomes could be far worse, depending on the course of the pandemic. All Rights Reserved. The downward revision to growth prospects for emerging market and developing economies over 2020–2021 (2.8 percentage points) exceeds the revision for advanced economies (1.8 percentage points). We're sorry, but we can't find the page you were looking for. However, the International Monetary Fund (IMF) in its World Economic Outlook(WEO) released on Tuesday this week, projected the country’s economy to grow downwardly by […] The International Monetary Fund (IMF) has projected that Nigeria is heading to a recession, its worst recession in three decades, as it expects the nation’s economy to recede by 3.4% in 2020. The IMF has projected significant economic contraction this year for Sub-Saharan Africa’s two leading economies, Nigeria and South Africa. While Nigeria’s GDP is expected to shrink by 3.4% and land into another recession, the outlook for South Africa is worse. “As many low-income developing countries face tight financing constraints and a less severe impact of the pandemic thus far, the fiscal response to the pandemic has been modest, at 1.2 per cent of GDP on average, and mostly through budgetary measures. According to the IMF, fiscal responses since the outbreak of COVID-19 have resulted in an increase in government debts across all emerging economies. In its report, the IMF noted that Nigeria’s pace of economic recovery remains slow, as declining real incomes and weak investment continue to weigh on economic activity. Make Room on Your Resume for Amazon AWS Certified Solutions Architect – Professional Certification. This has affected productivity and international trade, with attendant effect on revenue projections in many countries and, in effect, the global economy. Growth among low-income developing countries is projected at –1.0 per cent in 2020, some 1.4 percentage points below the April 2020 WEO forecast, although with differences across individual countries.”. Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. According to a presentation by the IMF… Post was not sent - check your email addresses! South Africa’s GDP is projected to fall sharply by 5.8% from a 2019 growth of 0.2%. The Fund stated this in its latest data on Nigeria obtained by New Telegraph at the weekend. To turn Nigeria’s population into human capital so the economy grows, Nigeria needs strong job growth and investment in social indicators; education, health and some of the very basic services. The country has imposed some of the toughest restrictions on the continent to contain the coronavirus, including a five-week lockdown to the end of April. The IMF official explained that excluding a few large frontier economies, the remaining group of low-income developing countries is projected to contract by –2.2 per cent in 2020. IMF approves debt relief for 19 African countries(The List), COVID-19 cases in South Africa top 500,000, Ramaphosa begs South African companies not to sack workers, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Telegram (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email this to a friend (Opens in new window), How my workers poisoned me after being paid - Nollywood actor, Mr. Ibu, Pandemonium in Ikorodu: Hausa, Yoruba in brutal clash, Lagos serves abatement notice to houses in Agege, Ejigbo, My kidnappers demanded N300m ransom: Freed lawyer Bisola Ajayi [Video], Gas explosion rocks Baruwa, Lagos (Video), Lagos Speaker Obasa in EFCC's custody over fraud allegations, Coronavirus climbs again in Nigeria, Lagos leads, Kidnapped Port Harcourt lawyer Bisola Ajayi found alive.