Business IMF Stamps Nigeria's Recovery From Recession



The International Monetary Fund, IMF, has projected that Nigeria's economy will recover from recession in 2017.

IMF's latest World Economic Outlook (WEO) says Nigeria Gross Domestic Product (GDP) will grow by 0.8 percent in 2017 and 2.3 percent in 2018, buoyed by increased crude oil production due to security improvement.

Although 0.2 percent lower, the forecast corroborates the 1.0 percent growth predicted for Nigeria in 2017 by the World Bank's World Economic Report, which was released last week.

While the IMF retained its forecast of 3.2 per cent growth for the global economy in 2017, it, however, raised its forecast for advance countries to 1.9 percent from 1.8 percent. It downgraded its growth forecast for Emerging Market and Developing Economies (EMDEs) and sub-Saharan economies, respectively to 4.5 percent from 4.6 percent, and to 2.8 percent from 2.7 percent.


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