Sunday, September 19, 2021
HomeNewsIMF retains 2.5% economic growth projection for Nigeria

IMF retains 2.5% economic growth projection for Nigeria

*Advocates multilateral action to fastrack vaccine deployment

By Babajide Komolafe

The International Monetary und, IMF, has retained its 2.5 per cent projection for Nigeria’s economic growth in 2021.

IMF however upgraded its projection for the country’s economic growth in 2022 to 2.6 per cent. This represents a three basis point upgrade from the 2.3 per cent earlier projected in April.

The latest projections were contained in the July edition of the IMF’s World Economic Outlook released yesterday.

Though it retained its projection for the global economic growth  in 2021, at 6.9 per cent, it however upgraded its projection for 2022 by five basis points to 4.9 per cent.

The IMF however retained its forecast for the sub-Saharan economic region for 2021 and 2022 at 3.4 per cent and 4.1 per cent respectively.

“The 2021 forecast for sub-Saharan Africa is unchanged relative to the April WEO, with an upgrade for South Africa following a strong positive surprise in the first quarter offset by downward revisions in other countries. The worsening pandemic developments in sub-Saharan Africa are expected to weigh on the region’s recovery,” IMF said.

While noting that economic prospects have diverged further across countries since the release of its April 2021 World Economic Outlook (WEO) forecast, IMF said that vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs: those that can look forward to further normalization of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising COVID death tolls. The recovery, however, is not assured even in countries where infections are currently very low so long as the virus circulates elsewhere.

See also  Khalid Announces New Shoe Partnership With Reebok

Consequently, IMF called for multilateral action to diminish divergences and strengthen global prospects.

“The immediate priority is to deploy vaccines equitably worldwide. A $50 billion IMF staff proposal, jointly endorsed by the World Health Organization, World Trade Organization, and World Bank, provides clear targets and pragmatic actions at a feasible cost to end the pandemic. Financially constrained economies also need unimpeded access to international liquidity.

“The proposed $650 billion General Allocation of Special Drawing Rights at the IMF is set to boost reserve assets of all economies and help ease liquidity constraints. Countries also need to redouble collective efforts to reduce greenhouse gas emissions. These multilateral actions can be reinforced by national-level policies tailored to the stage of the crisis that help catalyze a sustainable, inclusive recovery.

“Concerted, well-directed policies can make the difference between a future of durable recoveries for all economies or one with widening fault lines—as many struggle with the health crisis while a handful see conditions normalize, albeit with the constant threat of renewed flare-ups”, IMF stated.

Olivehttps://oliveloaded.com.ng

2021 Best  Gistal Blog keep visit thanks

RELATED ARTICLES

Leave a Reply

Most Popular

Recent Comments

fugus post utme past question on 2020 Nigeria Utme Past Questions in PDF Format
Dvnjsnipt on JUPEB 2020 SURE EXPO
Антон Нитин on Hello world!
Антон Нитин on Hello world!
admin on Relax Exercise
admin on Relax Exercise
John Doe on Nexus 6 review
Coen Jacobs on Mr. F
Joseph Scott on The Idiot’s Lantern
Cobus Bester on Crocodile
Cobus Bester on Cape Feare
Coen Jacobs on Itaque Earum Rerum
Joseph Scott on Love & Monsters
Coen Jacobs on I Had a Dream
Joseph Scott on Crimes of the Hot
john on Homer: Bad Man
Joseph Scott on Revenge of the Sith
Coen Jacobs on Porro Quisquam
Joseph Scott on Afternoon delight
Joseph Scott on Dex Takes a Holiday
Coen Jacobs on A Leela of Her Own
john on Mr. F
Lloyd Budd on Mr. F
Alex Shiels on Mr. F
Alex Shiels on The Idiot’s Lantern
Matt on Crocodile
Joseph Scott on Crocodile
john on Crocodile
Lloyd Budd on Cape Feare
john on Cape Feare
maria on Cape Feare
Joseph Scott on The Phantom Menace
Coen Jacobs on The Phantom Menace
Alex Shiels on Itaque Earum Rerum
Lloyd Budd on Itaque Earum Rerum
Joseph Scott on Itaque Earum Rerum
Joseph Scott on Ready, Aim, Marry Me
Cobus Bester on Ready, Aim, Marry Me
Cobus Bester on Love & Monsters
Coen Jacobs on Love & Monsters
Matt on Love & Monsters
Matt on I Had a Dream
Alex Shiels on I Had a Dream
Lloyd Budd on I Had a Dream
Lloyd Budd on Crimes of the Hot
Cobus Bester on Crimes of the Hot
maria on Homer: Bad Man
Joseph Scott on Homer: Bad Man
Alex Shiels on Homer: Bad Man
Alex Shiels on Revenge of the Sith
Lloyd Budd on Revenge of the Sith
Matt on Porro Quisquam
john on Porro Quisquam
Cobus Bester on Porro Quisquam
Cobus Bester on Afternoon delight
Coen Jacobs on Afternoon delight
maria on The Age of Steel
Joseph Scott on The Age of Steel
Alex Shiels on The Age of Steel
Alex Shiels on Dex Takes a Holiday
Lloyd Budd on Dex Takes a Holiday
See also  OL: "God Used An Unbeliever To Pay For the Building of my New Cathedral" - Rev. Esther Ajayi Narrates