IMF Projects Negative GDP Growth for Nigeria in 2020

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By Obinna Chima

The International Monetary Fund (IMF) has predicted a negative Gross Domestic Product (GDP) of -3.4 per cent for Nigeria in 2020, due to the ongoing disruptions caused by the COVID-19 pandemic.

The Chief Economist and Director of the Research Department, IMF, Gita Gopinath, said this during an online press conference on the latest World Economic Outlook (WEO) released Tuesday, at the ongoing virtual Spring Meetings of the IMF/World Bank in Washington DC.

The Nigerian economy grew by 2.27 per cent in full year 2019.

According to Gopinath, sub-Saharan Africa was also projected to record a negative GDP growth of -1.6 per cent, with GDP growth in the continent’s second largest economy, South Africa, also expected to weaken to –5.8 per cent.