{"id":63432,"date":"2016-10-20T06:04:47","date_gmt":"2016-10-20T05:04:47","guid":{"rendered":"http:\/\/www.thisdaylive.com\/?p=63432"},"modified":"2016-10-20T06:04:47","modified_gmt":"2016-10-20T05:04:47","slug":"imf-affirms-nigeria-as-africas-biggest-economy-2","status":"publish","type":"post","link":"https:\/\/www.thisdaylive.com\/2016\/10\/20\/imf-affirms-nigeria-as-africas-biggest-economy-2\/","title":{"rendered":"IMF Affirms Nigeria as Africa’s Biggest Economy"},"content":{"rendered":"
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Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa \u2014 ahead of South Africa and Egypt.<\/p>\n<\/div>\n

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In August 2016, Nigeria was reported to have lost its spot as Africa\u2019s biggest economy to South Africa, following the recalculation of the country\u2019s gross domestic product (GDP).<\/p>\n

\u201cA recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,\u201d BBC had said in August.<\/p>\n

\u201cBased on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa\u2019s economy is $301 billion at the rand\u2019s current exchange rate, while Nigeria\u2019s GDP is $296 billion,\u201d Bloomberg had also said.<\/p>\n

But according to TheCable, latest estimates from the IMF however put Nigeria\u2019s GDP at $415.080 billion, from $493.831 billion at the end of 2015.<\/p>\n

The IMF World Economic Outlook for October 2016 puts South Africa\u2019s GDP at $280.367 billion, from $314.732 billion a year earlier.<\/p>\n

Egypt\u2019s 2016 data was reported as not available, but its 2015 size remained at $330.159 while that of Algeria, one of the largest economies on the continent, was put at $168.318 billion.<\/p>\n

The United States, China and Japan maintained their spots as the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively.<\/p>\n

These countries are being trailed by Germany, United Kingdom and France in that order.<\/p>\n

The Managing Director of the IMF, Christine Lagarde, said at the just concluded World Bank\/IMF meetings that global growth had been too slow for too long.<\/p>\n

\u201cWe continue to face the problem of global growth being too low for too long, benefiting too few,\u201d she said after the world economic outlook was published.<\/p>\n<\/div>\n

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The world expects an economic growth of 3.1 percent in 2016, reviewed from 3.4 percent.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa \u2014 ahead of South Africa and Egypt. In August 2016, Nigeria was reported to<\/p>\n","protected":false},"author":1,"featured_media":11351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7568],"tags":[],"class_list":["post-63432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/posts\/63432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/comments?post=63432"}],"version-history":[{"count":0,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/posts\/63432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/media?parent=63432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/categories?post=63432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/tags?post=63432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}