IMF Projects Negative GDP Growth for Nigeria, SA in 2020
The International Monetary Fund (IMF) has predicted a negative Gross Domestic Product (GDP) of -3.4 per cent for Nigeria in 2020, due to the ongoing disruptions caused by the COVID-19 pandemic.
The Chief Economist and Director of the Research Department, IMF, Gita Gopinath, said this during an online press conference on the latest World Economic Outlook (WEO) released Tuesday, at a recent virtual Spring Meetings of the IMF/World Bank in Washington DC.
The Nigerian economy grew by 2.27 per cent in full year 2019.
According to Gopinath, sub-Saharan Africa was also projected to record negative GDP growth of -1.6 per cent, with GDP growth in the continent’s second-largest economy, South Africa, also expected to weaken to -5.8 per cent.