New Telegraph

IMF revises Nigeria’s growth outlook upward to 2.5%

The International Monetary Fund (IMF) has revised upward its Nigeria’s 2021 Gross Domestic Product (GDP) growth forecast to 2.5 per cent from the 1.5 per cent it projected in January this year, the Fund said in its latest World Economic Outlook (WEO) released Tuesday.

 

The Bretton Woods institution also revised its growth forecast for the country next year, upwards to 2.3 per cent from 2.1 per cent it predicted in January.

 

Nigeria’s economy, the IMF further said, is now likely to suffer a 1.8 per cent contraction this year as against the 3.2 per cent contraction, it forecast in January.

 

On Monday, the Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe, while appearing on a Channels TV programme, had said that it expects the country’s economy to grow by 2.54 per cent this year.

 

According to him, the IMF, the World Bank and other international organisations’ forecasts on Nigeria’s economy are usually not accurate because of the country’s large informal sector.

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