The International Monetary Fund has downgraded Nigeria’s 2020 growth projection, saying the economy will shrink by 5.4 per cent.
The IMF earlier in April projected that the country’s economy would contract by 3.4 per cent this year.
The IMF disclosed its new forecast in its overview of the World Economic Outlook for June, titled, ‘A crisis like no other, an uncertain recovery.
It stated that, ‘Global growth is projected at minus 4.9 per cent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook forecast.
The IMF notes 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.”
Professor of Finance and Capital Market of Nasarawa State University, Uche Uwaleke, now shares his views on this and other projections
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