The International Monetary Fund (IMF) on Tuesday projected Nigeria’s economy would contract by -3.4 percent in 2020 from 2.2 percent in 2019.
The Washington based Fund expects the economy to grow by 2.4 percent in 2021. IMF Chief Economist Gita Gopinath, disclosed this while presenting the world economic outlook at the ongoing virtual Spring meeting of the IMF and the World Bank group in Washington D.C.
Inflation rate is projected to rise by 13.4 percent in 2020 from 11.4 percent in 2019 and to moderate to 12.4 percent in 2021, higher than the Central Bank of Nigeria (CBN) single digit target of 6-9 percent.
Hope Moses-Ashike
