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Nigeria’s economy to contract 3.4% in 2020 but rebound by 2.4% growth in 2021 -IMF

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Countries without crude oil better off than Nigeria —IMF

The International Monetary Fund (IMF) Tuesday forecast that Nigeria’s Gross Domestic Product (GDP) would contract by 3.4% in 2020 after expanding by 2.2% last year.

In its latest report on World Economic Outlook, the Washington-based institution noted that the Nigerian economy would however find recovery in 2021 when it is anticipated to grow by 2.41%.

Read also: IMF offers debt relief to 25 countries

The IMF gave the projections at its ongoing Spring Meeting in Washington, noting that the coronavirus outbreak had spurred high and rising fatalities around the globe with the protection measures affecting economic activities acutely.

It envisaged that sub-Saharan Africa’s GDP would shrink by 1.6% this year contrary to a growth of 3.1% recorded last year.

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