The International Monetary Fund (IMF) has
predicted that the Nigerian economy will grow
by 0.6% in 2017, effectively lifting the country
out of an officially declared recession.
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In the IMF’s World Economic Outlook report released on
Tuesday, Nigeria’s real Gross Domestic Product is
expected to increase marginally by 0.6% with Consumer
Prices rising by 17.1%.
Nigeria’s Current Account Balance is however forecast
to slump further by 0.4% next year.
According to the Bretton Woods institution, the projected
increase in global growth in 2017 to 3.4% hinges
crucially on rising growth in emerging market and
developing economies.
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Beyond 2017, IMF expects global growth to gradually
increase by 3.8% in 2021.
This recovery in global activity, which is expected to be
driven entirely by emerging market and developing
economies, is premised on the normalization of growth
rates in countries like Nigeria, Russia, South Africa,
Latin America, and parts of the Middle East.
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