A new International Monetary Fund (IMF) has released a new grim forecast for Nigeria, indicating that the biggest economy in Africa is headed towards experiencing the worst recession since 30 years, OYOGist.com has learned.
The new forecast projects that Nigeria’s economy will relapse by 3.4 percent in 2020 due to the COVID-19 pandemic that has affected the entire world.
According to the forecast, the GDP growth (an index that measures the productive output and purchasing power of countries) will see a 3.4% contraction in 2020.
The International Monetary Fund also projected a 13.4 percent rise in inflation in Nigeria, also the highest recorded in decades.
IMF, in Washington, United States, made this new forecast in its April 2020 World Economic Outlook statement that was published on Tuesday.
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