Wednesday, 11 October 2023 04:52

IMF revises down Nigeria’s GDP growth projection for 2023

Rate this item
(0 votes)

Nigeria’s growth forecast has been reduced from 3.3 percent to 2.9 percent in 2023 and 3.1 in 2024 respectively, with negative effects of high inflation on consumption taking hold.

The cut is contained in the World Economic Outlook released at the Annual Meeting of the IMF/World in Marrakesh, Morocco on Tuesday.

The growth forecast for 2023 is revised downward by 0.3 percentage points, reflecting weaker oil and gas production than expected, partially due to maintenance work.

The World Bank had cut Nigeria’s 2022 growth forecast to 3.1% from a previous forecast of 3.8% in 2022.

In its last Nigeria Development Update (NDU), launched in Abuja, the bank said that the country had to make hard choices or face a worse economic downturn in the months and years ahead.

Since the Swearing of President Bola Tinubu on May 29, he has removed fuel subsidy and floated the exchange rate in line with the age-long recommendation of the IMF and World Bank.

A development that has seen the rate tumble to over N1000 to the dollar, and the energy prices increase by four folds from N144 to N620, impacting an already worsening inflation scenario.

The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent.

Advanced economies are expected to slow from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 as policy tightening starts to bite.

Emerging market and developing economies are projected to have a modest decline in growth from 4.1 percent in 2022 to 4.0 percent in both 2023 and 2024. Global inflation is forecast to decline steadily, from 8.7 percent in 2022 to 6.9 percent in 2023 and 5.8 percent in 2024, due to tighter monetary policy aided by lower international commodity prices.

 

Daily Trust

March 15, 2025

Dangote Refinery further reduces petrol loading price amidst fresh crude supply from NNPCL

In a significant development in Nigeria's downstream oil sector, the Dangote Petroleum Refinery has further…
March 14, 2025

I know individuals in Tinubu’s govt who bought ministerial positions, El-Rufai claims

Former Kaduna State governor, Nasir El-Rufai, has revealed that he knows individuals who paid to…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 15, 2025

What to know after Day 1115 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin urges Kiev to order troops in Kursk Region to surrender Moscow is…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.