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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Recession Will Not Be As Bad As Earlier Projected, Says IMF (226 Views)
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Nigeria’s Recession Will Not Be As Bad As Earlier Projected, Says IMF by ExAngel007(f): 4:47pm On Oct 13, 2020 |
In its October World Economic Outlook report released in Washington on Tuesday, the IMF projected that Nigeria’s economy will contract by 4.3 percent in 2020. This is a 1.1 percent improvement from the 5.4 percent that was projected in June and deeper than the 3.4 percent projected in April. Gita Gopinath, IMF chief economist and director of the research department, said oil-exporting countries are battling the health and economic impact of the COVID-19 pandemic and the impact of low oil prices. “They have been hit by the health crisis and they have been hit because they are oil exporters which had a collapse and more importantly, they just don’t have the resources that advanced economies have to deal with this crisis,” Gopinath said. “Because we don’t have a financial crisis at this point, many emerging markets are able to borrow at record levels in foreign currency this year relative to previous years.” The IMF chief economist said the foreign debts been acquired by emerging market economies will not be enough and advised that there is a need for continued international support. This support, Gopinath explained, could be in terms of concessionary financing, aid and debt relief and restructuring. “There are going to be developing and low- income economies that would need debt relief and, in some cases, restructuring of debt to make sure they have the space to do the spending that they need,” she said. This contraction will be the worst recession in 30 years, and the second recession in five years, following closely after a negative economic growth of 1.51% in 2016. In 1987, Nigeria’s economy receded by -10.87 and -0.6 in 1991. https://thecable.ng/breaking-nigerias-recession-will-not-be-as-bad-as-earlier-projected-says-imf |
Re: Nigeria’s Recession Will Not Be As Bad As Earlier Projected, Says IMF by DEXTROVERT: 4:50pm On Oct 13, 2020 |
Nigeria Is Recessed As Long Buhari Is There Naira free fall No jobs High inflation Endless strikes Corrupt Governance Only Politicians Are Very Rich In Nigeria |
Re: Nigeria’s Recession Will Not Be As Bad As Earlier Projected, Says IMF by Bluntguy: 4:57pm On Oct 13, 2020 |
Stupid and wicked people. They have finally gotten what they wanted. Fuel subsidy removal and electricity price hike. |
Re: Nigeria’s Recession Will Not Be As Bad As Earlier Projected, Says IMF by NoshakingGod(f): 4:58pm On Oct 13, 2020 |
Was Nigeria ever out of recession? What parameters did they employed to arrive at that? It was only on paper as usual. |
Re: Nigeria’s Recession Will Not Be As Bad As Earlier Projected, Says IMF by Okoroawusa: 5:01pm On Oct 13, 2020 |
Together we will pull through... I Love PMB |
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