The International Monetary Fund, IMF, has on Tuesday, October 4, predicted that Nigeria’s hunger and recession, will not end anytime soon.
The prediction is coming at a time when President Muhammadu Buhari, had during his Independence speech, identified and marshaled out workable economic plans, on how his administration tends to recover Nigeria’s economy from recession.
IMF, while giving its prediction in Washington DC, United States, US, projected that Nigeria’s economy will be out of recession in 2017, growing by 0.6 percent that year.
Based on the IMF World Economic Outlook, WEO, the current economic recession will outlast 2016, with a Gross Domestic Product, GDP, contraction of 1.7 percent.
“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region.
“Nigeria’s economy is forecast to shrink 1.7 percent in 2016, and South Africa’s will barely expand.
“By contrast, several of the region’s non resource exporters, including Côte d’Ivoire, Ethiopia, Kenya, and Senegal, are expected to continue to grow at a robust pace of more than 5 percent this year,” the IMF said.
For other European countries, IMF also forecast a GDP contraction, and subsequent recession for Russia and Brazil, throughout 2016.
“Growth in emerging Asia, and especially India, continues to be resilient.
“India’s Gross domestic Product, is projected to expand 7.6 percent this year and next, the fastest pace among the world’s major economies,” the IMF added.
The IMF Chief Economist and Economic Counselor, Maurice Obstfeld, who spoke on the outlook, said global economic growth would remain subdued in 2016, following a slowdown in the United States and Britain’s vote to leave the European Union.
He also stated, that the fund forecasts a slight pickup in 2017 and beyond, driven mainly by emerging market strength.
“Taken as a whole, the world economy has moved sideways,” he said. “We have slightly marked down 2016 growth prospects for advanced economies, while marking up those in the rest of the world,” Obstfeld said.
It could be recalled, that IMF had in 2015, projected that the Nigeria’s economy will contract by 1.8 percent in 2016, but the October version of the WEO has seen that reviewed positively, to a contraction of only 1.7 percent.
Nigeria since the emergence of President Buhari, has recorded a 0.36 and 2.06 percent contraction in the first and second quarter of 2016, plunging into its worst recession in 29 years.
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