The IMF Releases Nigeria’s Economic Growth Projection

• The International Monetary Fund has released Nigeria’s economic growth projection for the year 2023, stating an improvement of 3.2% growth.

• This counters its initial projection of a decline from 3.4% in 2022 to 2.8% in 2023.

• The Washington based lender however warns of the current uncertainty in the financial sector that poses a risk to the global economy.

EKO HOT BLOG reports that the International Monetary Fund (IMF) has maintained Nigeria’s economic growth projection at 3.2% for 2023, according to its latest world economic outlook update. The IMF also improved Nigeria’s 2024 economic growth projection to 3.0% from 2.9% stated in its January update.

The Washington-based lender noted that global economic growth is expected to decline from 3.4% in 2022 to 2.8% in 2023, with advanced economies seeing a significant growth slowdown, from 2.7% in 2022 to 1.3% in 2023. In addition, the IMF warned that the current uncertainty in the financial sector poses a risk to the global economy.

• Iphone 14 Gift: The Internet Gets In On Tonto Dikeh’s Case

• A Yul Edochie — Judy Austin Feud? Drama Set To Unfold

• Entrapment In The Name Of Faith: A Bishop’s Attempt To Initiate Me Into A Cult: Pastor Amos Obeten

The IMF’s report, entitled ‘World Economic Outlook: A Rocky Recovery (2023 Apr)’, highlights that global headline inflation is set to fall from 8.7% in 2022 to 7.0% in 2023 due to lower commodity prices, but underlying or core inflation is likely to decline more slowly.

It added that inflation’s return to target is unlikely before 2025 in most cases. The report also noted that other major forces that shaped the world economy in 2022 are likely to influence 2023, with high debt levels limiting the ability of fiscal policymakers to respond to new challenges.

The World Bank Group President, David Malpass, has also predicted that global economic growth will slow to 2% from 3.1% in 2022 during his opening address at the ongoing Spring Meetings 2023 Media Call.

• Nnamdi Kanu’s Detention: IPOB Accuses Supreme Court Of Partiality

• Liverpool vs. Arsenal: A Game Of Heroes And Villains

• How We Did It Back In The Day — 9ice On Nigerian Music Industry

The IMF’s report provides valuable insights into the state of the global economy and its projections for the future. Nigeria, in particular, will be pleased to see that the IMF is maintaining its positive economic growth projection for the country in 2023.

Click to watch our video of the week:

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611