The International Monetary Fund (IMF) has projected that Nigeria is heading to a recession, its worst recession in three decades, as it expects the nation’s economy to recede by 3.4% in 2020. This was disclosed by the global lender in its latest edition of the World Economic Outlook report on Tuesday.
In the report, the global economy is projected to contract sharply by -3% in 2020 due to the coronavirus pandemic. This is a much worse contraction that happened during the financial crisis of 2008/2009.
It stated, “There is extreme uncertainty around the global growth forecast but we know the global economy will be in recession in 2020, with markdowns on the projections expected across regions and countries’’. The report also projected that sub-Saharan Africa will contract by -1.6% in 2020, but will have a growth of 4.1% in 2021.
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