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              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

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              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

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              Kampala Road Works: Kigenyi urges safety, order

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              Kenya secures EBRD African hub

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              Nigeria, Rwanda sign double taxation treaty

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              • FEATURES
                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet the newly appointed executives steering NNPC Limited

                Meet the newly appointed executives steering NNPC Limited

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                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Nigeria’s Newly Nominated Ministers

                Meet Nigeria’s Newly Nominated Ministers

                Nigeria’s $5 billion FLNG project gets Presidential endorsement

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                  Namibia: President Nandi-Ndaitwah unveils new cabinet

                  Kenya: Ministry of Health outlines SHA compliance measures

                  Kenya: Ministry of Health outlines SHA compliance measures

                  South Africa: Durban Port to expand vehicle terminal

                  South Africa: Durban Port to expand vehicle terminal

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                  Botswana, Türkiye aim for stronger ties

                  Nigeria to host 2025 Afreximbank annual meetings

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                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

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                      Home Featured

                      IMF, World Bank Announces Different Forecast on Nigeria’s Growth

                      Public Sector Global by Public Sector Global
                      January 23, 2020
                      in Featured, Features, NEWS
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                      As against the 2.1 per cent growth projected by the World Bank in the Nigerian economy, the International Monetary Fund (IMF) has projected 2.5 per cent growth for it.

                      The IMF projection, as contained in its January Global Economic Outlook, released recently, covers two-year growth target.

                      The IMF prediction is 0.4 per cent higher than 2.1 per cent projected by the World Bank for three years: 2020 – 2023.

                      The World Bank report was captured in its January Global Economic Prospects released on January 8.

                      It, however, described the country’s macroeconomic framework as not “conducive to confidence”, adding that the macroeconomic framework is characterised by multiple exchange rates, foreign exchange restrictions and persistent inflation.

                      In the report titled: “Tentative stabilisation, sluggish recovery”, signed by Gita Gopinath, an Economic Counsellor and Director of the Research Department at the Fund, the IMF said the Nigerian economy will grow at 2.5 per cent this year and the next.

                      According to the Fund, the economy grew 1.9 per cent in 2018 and 2.3 per cent last year.

                      The IMF report said in sub-Saharan Africa, growth is expected to strengthen to 3.5 percent in 2020 to 2021 from 3.3 per cent last year.

                      The projection is 0.1 percentage point lower than in the October World Economic Outlook for 2020 and 0.2 percentage point weaker for 2021.

                      It further stated: “reflects downward revisions for South Africa (where structural constraints and deteriorating public finances are holding back business confidence and private investment) and for Ethiopia where public sector consolidation, needed to contain debt vulnerabilities, is expected to weigh on growth.”

                      It said global growth is projected to rise from an estimated 2.9 per cent last year to 3.3 per cent in 2020 and 3.4 per cent for 2021 a downward revision of 0.1 percentage point for last year and 2020 and 0.2 for 2021.

                      According to the IMF, low interest rates and reduced trade tensions will likely buoy the global economy over the next two years and help nurture steady if modest growth.

                      The IMF said emerging market economies in macroeconomic distress related to domestic imbalances would need to continue making the policy adjustments necessary for rebuilding confidence and putting in place the conditions for a return to stable and sustainable growth.

                      “In these contexts, ensuring adequate safety nets to protect the vulnerable remains critical within overall existing constraints, the report said.

                       

                      Tags: ForecastGrowthIMFNigeriaWorld Bank
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