Post was not sent - check your email addresses! Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Africa must cut off and create its own funds. “So, this is a significant downward revision and we have some very large negative growth forecast for instance; South Africa is -8 per cent and for Nigeria, it is -5.4 per cent growth,” she said. The IMF, however predicts a partial rebound in 2021, with the world economy growing at a 5.8% rate. This has affected productivity and international trade, with attendant effect on revenue projections in many countries and, in effect, the global economy. Gains. Africa’s most advanced economy entered a recession in the final quarter of last year as power cuts by Eskom took a toll on the economy. China’s economy is forecast to grow 9.2% in 2021, the IMF said. “This recovery in 2021 is only partial as the level of economic activity is projected to remain below the level we had projected for 2021, before the virus hit,” IMF chief economist Gita Gopinath said in a statement. In the meantime, try one of these options: Independent Newspapers Limited, registered on July 17, 2001 (RC No: 419927), commenced publication on October 1, 2001. Public finances were strained by bailouts to struggling state firms. “Government debt is now projected to average 63 per cent of GDP in 2020, continuing its upward trend with a 10 percentage point surge from a year ago,” the organization noted. The global economy contracted 0.7% in 2009 – previously the worst downturn since the 1930s – according to IMF data. Tuesday, April 14, 2020 3:55 pm | Business | 2 Comment(s), Buhari and Ramaphosa: IMF forecasts recession for Nigeria and South Africa. We must stay away from these evil organisations. The Fund stated this in its latest data on Nigeria obtained by New Telegraph at the weekend. Recession: Nigerian economy to slide by 3.4% in 2020 – IMF. Any sane government should kick them out. The IMF also predicts that the economy of Angola will further fall into recession, contracting by 1.4%. Under the Fund’s best-case scenario, the world is likely to lose a cumulative $9 trillion in output over two years – greater than the combined GDP of Germany and Japan, she added. China, where the coronavirus outbreak peaked in the first quarter and business activity is resuming with the help of large fiscal and monetary stimulus, will maintain positive growth of 1.2% in 2020, a reduction from 6% growth in the IMF’s January forecast. Make Room on Your Resume for Amazon AWS Certified Solutions Architect – Professional Certification. By Funmi Falobi / Snr. The IMF official explained that excluding a few large frontier economies, the remaining group of low-income developing countries is projected to contract by –2.2 per cent in 2020. You will know what IMF and world bank have become. While Nigeria’s GDP is expected to shrink by 3.4% and land into another recession, the outlook for South Africa is worse. Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. Nigeria was hoping to improve on its 2.2% growth last year. The Fund called for central bank liquidity swap lines to be extended to more emerging market countries, which face a double problem of locked-down activity and tightening financial conditions caused by a massive outflow of funds to save-haven assets such as U.S. Treasuries. We need to wisen up. Nigerian economy will recover slowly from the impact of the coronavirus (COVID-19) pandemic, the International Monetary Fund (IMF) has said. Since the outbreak of the coronavirus, economic activities in many nations of the world have slowed amid lockdown measures put in place to contain the spread of the virus. Sorry, your blog cannot share posts by email. Angola, like Nigeria, runs on oil income. In February, the Washington-based institution announced a downward review of its 2020 growth forecast for Nigeria to two per cent from the 2.5 per cent it predicted earlier. According to the IMF, fiscal responses since the outbreak of COVID-19 have resulted in an increase in government debts across all emerging economies. In its report, the IMF noted that Nigeria’s pace of economic recovery remains slow, as declining real incomes and weak investment continue to weigh on economic activity. The International Monetary Fund (IMF) on Wednesday said the Nigerian economy will contract by 5.4 per cent in 2020. Euro zone economies will contract by 7.5% in 2020, with hard-hit Italy seeing its GDP fall 9.1% and contractions of 8.0% in Spain, 7.0% in Germany and 7.2% in France, the Fund said. They mean us no good. This site uses Akismet to reduce spam.