Saturday, July 13, 2024

 

IMF Predicts Nigeria’s Economic Growth To Decline To 3.2% in 2022

Must Read

Gov. Abiodun Celebrates Literary Icon, Wole Soyinka At 90

  Ogun State Governor Prince Dapo Abiodun has described Nobel Laureate, Professor Wole Soyinka, as a literary icon and a...

Olakulehin Crowned 43rd Olubadan

Oyo State Governor, Seyi Makinde, on Friday, presented the Staff of Office and the Instrument of Office to the...

90th Birthday: Tinubu names National Theatre After Wole Soyinka

President Bola Tinubu has named the National Arts Theatre in Iganmu, Lagos, after Nobel Laureate, Professor Wole Soyinka. Tinubu announced...

 

The International Monetary Fund (IMF) says economic growth in Nigeria is expected to decline to 3.2 per cent and 3.0 per cent in 2022 and 2023 respectively, as against 3.6 per cent recorded in 2021.
The IMF said economic growth in Sub-Saharan Africa is likely to decline to 3.6 per cent in 2022 as against 4.7 per cent recorded in 2021.

It made this known via its World Economic Outlook Growth Projections report, titled, ‘Countering the Cost-of-Living Crisis’, released on Wednesday.

According to the report, in Sub-Saharan Africa, the growth outlook is slightly weaker than predicted in July, with a decline from 4.7 per cent in 2021 to 3.6 per cent and 3.7 per cent in 2022 and 2023, respectively.

“A downward revision of 0.2 percentage point and 0.3 percentage point respectively.

“This weaker outlook reflects lower trading partner growth, tighter financial and monetary conditions, and a negative shift in the commodity terms of trade,” the IMF stated.

The report said global growth is forecasted to slow from 6.0 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023.

“This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.

“Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades.

“The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook,” it noted

The IMF added that global inflation is likely to rise from 4.7 per cent in 2021, to 8.8 per cent in 2022 but to decline to 6.5 per cent in 2023 and to 4.1 per cent by 2024.

“Upside inflation surprises have been most widespread among advanced economies, with greater variability in emerging market and developing economies,” it said.

The IMF noted that monetary policy should stay the course to restore price stability, and fiscal policy should aim to alleviate the cost-of-living pressures while maintaining a sufficiently tight stance aligned with monetary policy.

“Structural reforms can further support the fight against inflation by improving productivity and easing supply constraints, while multilateral cooperation is necessary for fast-tracking the green energy transition and preventing fragmentation,” it stated.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

Gov. Abiodun Celebrates Literary Icon, Wole Soyinka At 90

  Ogun State Governor Prince Dapo Abiodun has described Nobel Laureate, Professor Wole Soyinka, as a literary icon and a...

Olakulehin Crowned 43rd Olubadan

Oyo State Governor, Seyi Makinde, on Friday, presented the Staff of Office and the Instrument of Office to the new Olubadan of Ibadanland, Oba...

90th Birthday: Tinubu names National Theatre After Wole Soyinka

President Bola Tinubu has named the National Arts Theatre in Iganmu, Lagos, after Nobel Laureate, Professor Wole Soyinka. Tinubu announced this in a letter he...

Customs Confiscates 85 Drums, 795 Cans  Conveying 36,875 Litres Of Petrol To Cameroon

The Adamawa/Taraba Area Command of Nigeria Customs Service (NCS) has seized 85 200-litre drums of petrol being illegally conveyed to the Republic of Cameroon. The...

Nigeria Reaches Oil Supply Deal, Ending Dispute With Producers

Nigeria's oil regulator has struck a deal with producers to allow sales of crude to domestic refiners at market prices, ending a supply dispute...
- Advertisement -

More Articles Like This

- Advertisement -