The IMF noted that Nigeria’s economy will recede by 3% in 2020, stating that this would be the worst recession in 30 years for the West African giant after a negative economic growth of 1.51% in 2016.
The projection was part of IMF’s April 2020 World Economic Outlook report released on Tuesday in Washington DC, United States.
According to IMF Chief Economist and Director of the Research Department, Gita Gopinath, the recession to be experienced would be the worst since the Great Depression between 1929 and 1932 when the advanced economies shrunk by 16%.
It is projected that the Nigerian economy will rebound by 2.4% in 2021.
For the first time since the Great Depression, both the advanced economies and emerging and developing economies are in a recession,” she said in a briefing that marked the beginning of the April 2020 Spring meetings that are holding virtually.
For 2020, growth in advanced economies is projected at -6%. Emerging markets and developing economies which typically have normal growth levels well above advanced economies are also projected to have negative growth of -1% and -2.2% if you exclude China
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