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Nigeria’s economy will contract by 3.4% in 2020 — IMF

The International Monetary Fund,IMF projects that Nigeria’s economy may contract by 3.4% in 2020, implying the reversal of the modest 2.27% real growth recorded in 2019 to a possible growth of 1.13% by year end.

The Breton Woods development finance institution, which made this projection in its latest edition of the World Economic Outlook just released at the ongoing World Bank/IMF Spring Meeting in Washington D.C, however, predicted that the nation’s economy would rebound with 2.4% growth in 2021.

According to the current data published by the National Bureau of Statistics on the country’s economic performance, the overall GDP in 2019 indicated a real growth of 2.27%, compared to 1.91% in 2018 while the real GDP grew by 5.59% quarter on quarter.

The bureau stated: “Nigeria’s Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms in the fourth quarter of 2019”.

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