The International Monetary this Tuesday held its global growth forecast for 2024 steady and cut forecasts for the United States, Japan and Nigeria, while warning of inflation risks and trade tensions ahead.
The Fund in its World Economic Outlook update maintained it expects the world economy to grow 3.2 percent this year, unchanged from its April forecast and expects a 0.1% global growth to 3.3 percent in 2025.
It downgraded its forecast for Nigeria in 2024 by 0.2% to 3.1 percent from the 3.3% forecast it made in April citing weaker growth recorded in the first quarter of the year. Also considered in reaching this outcome is the weaker-than-expected Gross Domestic Product (GDP) growth recorded by the country in the fourth quarter of 2023 .
The IMF retained its 3 percent 2025 forecast for Nigeria’s growth.
The downgrade of the African economic powerhouse has affected the forecast for Sub-Saharan Africa which has now been revised to 3.7 percent from the 3.8 percent April forecast but is expected to rise to 4.1 percent in 2025.
“The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year,” the IMF said.
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