here is what IMF said about Nigeria heading into a recession. “For 2020, growth in advanced economies is projected at -6%. Emerging markets and developing economies which typically have normal growth levels well above advanced economies are also projected to have negative growth of -1% and -2.2% if you exclude China.”
In the report, the global economy is expected to drop by -3% in 2020 due to the coronavirus pandemic. The effect of the coronavirus is expected to be worse than the financial crisis of 2008/2009.
It stated, “There is extreme uncertainty around the global growth forecast but we know the global economy will be in recession in 2020, with markdowns on the projections expected across regions and countries’’.
Although the global economy is projected to have a 5.8% growth in 2021, the IMF added that effective policies are essential to forestall the possibility of worse outcomes and the necessary measures to reduce the coronavirus disease and protect lives are an important investment in long-term human and economic health.
The report also projected that sub-Saharan Africa will contract by -1.6% in 2020, but will have a growth of 4.1% in 2021.
In the report, the global economy is expected to drop by -3% in 2020 due to the coronavirus pandemic. The effect of the coronavirus is expected to be worse than the financial crisis of 2008/2009.
It stated, “There is extreme uncertainty around the global growth forecast but we know the global economy will be in recession in 2020, with markdowns on the projections expected across regions and countries’’.
Although the global economy is projected to have a 5.8% growth in 2021, the IMF added that effective policies are essential to forestall the possibility of worse outcomes and the necessary measures to reduce the coronavirus disease and protect lives are an important investment in long-term human and economic health.
The report also projected that sub-Saharan Africa will contract by -1.6% in 2020, but will have a growth of 4.1% in 2021.