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

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

Stupid and wicked people. They have finally gotten what they wanted. Fuel subsidy removal and electricity price hike.

Was Nigeria ever out of recession? What parameters did they employed to arrive at that? It was only on paper as usual.

Together we will pull through...

I Love PMB