The International Monetary Fund, IMF has downgraded Nigeria’s economic growth prospect by 0.2 percentage points to 3.2 per cent in the face of rising uncertainty across the globe.
The Fund in its October World Economic Outlook update released, projected Nigeria’s Gross Domestic Product, GDP to grow at 3.2 per cent this year and slope downward to three per cent in 2023. Both estimates are 20 basis points behind July forecasts.
The Institution had, in July, retained the April forecast for this year at 3.4 per cent. The GDP grew at 3.4 per cent in the first quarter of the year but slowed to 3.1 per cent in the second quarter.
The average performance so far is short of the Federal Government’s projected growth for the year.
IMF also cut sub-Saharan Africa’s growth from 3.8 to 3.6 per cent, while the global economy, which is strained by the cost of living crisis and geopolitical tensions, is projected to expand by 3.2 per cent this year and 2.7 per cent next year, a steep dive from six per cent increase recorded last year.
