The International Monetary Fund (IMF) has projected that Nigeria’s economy will be out of recession in 2017, growing by 0.6 percent that year.

According to the IMF World Economic Outlook (WEO) released on Tuesday in Washington, the fund projects that the current economic recession will outlast 2016, with a gross domestic product (GDP) contraction of 1.7 percent.

“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region,” IMF said.

“Nigeria’s economy is forecast to shrink 1.7 percent in 2016, and South Africa’s will barely expand. By contrast, several of the region’s non resource exporters, including Côte d’Ivoire, Ethiopia, Kenya, and Senegal, are expected to continue to grow at a robust pace of more than 5 percent this year.”

IMF also forecasted a GDP contraction and subsequent recession for Russia and Brazil throughout 2016.

The fund added: “Growth in emerging Asia and especially India continues to be resilient. India’s gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the world’s major economies.”

Maurice Obstfeld, IMF chief economist and economic counsellor, who spoke on the outlook, said global economic growth would remain subdued in 2016, following a slowdown in the United States and Britain’s vote to leave the European Union.

Obstfeld also stated that the fund forecasted a slight pickup in 2017 and beyond, driven mainly by emerging market strength.

“Taken as a whole, the world economy has moved sideways,” he said. “We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world.”

Nigeria’s economy was earlier projected to contract by 1.8 percent in 2016, but the October version of the WEO has seen that reviewed positively to a contraction of only 1.7 percent.

The country has recorded a 0.36 and 2.06 percent contraction in the first and second quarter of 2016 respectively, plunging into its worst recession in 29 years.


https://www.thecable.ng/just-in-nigeria-will-get-out-of-recession-in-2017-imf-projects?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ThecableTopStories+%28TheCable+%C2%BB+Top+Stories%29

If our government wakes up

We hope and pray so


Next year is just few months away

Let Nigeria remain in reccession as long as price of fuel revert back to #97 or #40.Price of a 50kg of rice goes back to #7k or #5k.Price of tomato goes back to #50 for 10 pieces. I am ok by them.

Lovelynature:
We hope and pray so


Next year is just few months away

Have you ask if price of commodities will revert to their former prices?If ibb didn't overthrow gmb in 1985,Nigerians would have died of starvation.He doesn't care about you as long as he and his family are living well.

Love Machine:
Have you ask if price of commodities will revert to their former prices?If ibb didn't overthrow gmb in 1985,Nigerians would have died of starvation.He doesn't care about you as long as he and his family are living well.

Sure Buhari has nothing to offer, absolutely nothing to offer.

But we can't stop keeping hope alive and healthy


Power quest, tribal and religious sentiments are
the wings that brought PMB to power to destroy Nigeria. Now almost everybody regrets while the irresponsible president keeps blaming others over things he should get responsible of. The question so far is, if he blames the past administration over his present incompetence, who does he blame for his incompetence in 1984?


With pmb Nigeria is going southward, but we gat to keep hope alive. It makes us stronger

PMB be like Recession or No recession... I am still in session...

APC have paid IMF to start saying trash?







can a newly born baby start walking in 2 months? Nigeria still has a long way to go.

IMF don dey drink monkey tail. Our Avengers will decide not Buhari. Let him continue to hold Nnamdi kalu. Una nova see anything

IMF are busy analysts this week. Now they're forecasting that the mighty UK is going into slower growth of perhaps recession.

And many NL readers continue to think the economic malaise is specific to Nigeria.


IMF warns of hit to UK economic growth

By Andrew Walker

Economics correspondent


http://www.bbc.com/news/business-37552076



The International Monetary Fund has cut its forecast for UK economic growth next year as it warned that the global recovery remains "weak and precarious".

The naysayers and wailers of this administration will continue to gnash their teeth in disappointment as the President pulls our dear country out of this economic dungeon.

In 2019, the President will be re-elected based solely on his PERFORMANCE, which is why all the current permutations are laughable rubbish.

Maybe the dullard would soon kick the bucket, if he remains on that seat then i see no hope for this country.