The 2020 gross domestic growth projections for the Nigerian economy has been revised by the International Monetary Fund (IMF).
The IMF revealed this in its October World Economic Outlook report which was released in Washington today.
The IMF projected that Nigeria’s economy will contract by 4.3 percent in 2020, which is a 1.1 percent improvement from the 5.4 percent that was projected in June and deeper than the 3.4 percent projected in April.
The IMF also projected that the economy will recover in 2021 by 1.7 percent.
According to IMF chief economist and director of the research department, Gita Gopinath (pictured), many oil-exporting countries are battling the health and economic impact of the COVID-19 pandemic and the impact of low oil prices.
“They have been hit by the health crisis and they have been hit because they are oil exporters which had a collapse and more importantly, they just don’t have the resources that advanced economies have to deal with this crisis,” Gopinath said.
“Because we don’t have a financial crisis at this point, many emerging markets are able to borrow at record levels in foreign currency this year relative to previous years.”