…Nigeria’s Growth will continue to fall and reach 3.0% in 2025, the financial agency said
…Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 percent in 2024 and 3.3 percent in 2025
WED JULY 17 2024-theGBJournal|The International Monetary Fund (IMF) has downgraded Nigeria’s growth forecast for 2024, while warning that upside risks to global inflation have increased, raising the prospect of higher-for-even-longer interest rates, in the context of escalating trade tensions and increased policy uncertainty.
The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year.
Nigeria-Africa’s biggest economy- is expected to grow 3.1% in 2024, 0.2% lower than April’s projection of 3.3%. Nigeria’s Growth will continue to fall and reach 3.0% in 2025, the financial agency said.
The forecast is in line with Cordros Research analysts expectations.
Cordros projected Nigerian economy will remain resilient in 2024, with a growth print of 3.17% y/y in 2024E compared to 2.71% y/y in 2023FY, supported by a robust services sector and growth in the oil industry.
Meanwhile, the IMF said Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 percent in 2024 and 3.3 percent in 2025.
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