Amidst downward forecast, IMF increases Nigeria’s growth prospect by 0.1%
The IMF has increased Nigeria’s growth prospect by 0.1 to 2.6 per cent in 2021 and 2.7 per cent in 2022, despite reducing the rate of global growth prospect due to the COVID-19 Delta variant.
This is according to the October 2021 World Economic Outlook Report, which was released on Tuesday.
In the July 2021 World Economic Outlook, the forecast for Nigeria was at 2.5 per cent in 2021 and 2.6 per cent in 2020.
This suggests an upward review of the Nigeria’s growth prospect.
However, in view of the 3.7 per cent 2021 and 2022 growth forecast for Sub-Saharan Africa, Nigeria is 1.1 per cent behind in 2021 and one per cent behind in 2022.
Despite the slight positive outlook for Nigeria, the IMF has slightly downgraded global growth projections for 2021.
The projection for 2021 was downgraded by 0.1 percentage points to 5.9 per cent, while the global growth forecast for 2022 remained unchanged at 4.9 per cent.
The IMF justified this, stating that supply chain disruptions negatively affect recovery in the advanced economies, while lack of access to COVID-19 vaccines holds back prospects for the emerging economies.