The International Monetary Fund (IMF) has predicted that Nigeria’s economic growth will fall from 3.2 per cent in 2023 to 3.0 per cent in 2024.
This is as it retained Nigeria’s 3.2 per cent economic growth projection for 2023 in its recent world economic outlook update. In its ‘World Economic Outlook: A Rocky Recovery (2023 Apr),’ report released on Tuesday, the IMF improved the country’s 2024 economic growth projection to 3.0 per cent from the 2.9 per cent it stated in its January update.
It stated in a table that Nigeria’s economy grew by 3.3 per cent in 2022.
According to the Washington-based lender, global economic growth is expected to fall from 3.4 per cent in 2022 to 2,8 per cent in 2023.
It said, “The baseline forecast is for growth to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023, before settling at 3.0 percent in 2024. “Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 per cent in 2022 to 1.3 per cent in 2023.”
