PBA ReporterThe International Monetary Fund (IMF) has disclosed that Nigeria’s economy would grow by 3.4 per cent in 2022 in its latest world economic outlook projections.
The IMF revealed a 3.1 per cent growth projection for the nation in 2023, down from 3.4 per cent in 2022 and 3.6 per cent in 2021.
This implied that Nigeria’s economic projection is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per cent.
The Washington-based lender also noted that the global economy is expected to grow by 3.6 per cent in 2022 and 2023 as a result of the war on Ukraine, and sanctions on Russia.
According to it, “This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second-largest contributor to the overall downward revision.”
The IMF explained furhher that the war would slow economic growth and increase inflation.
Follow Us