IMF projects 3% growth for Nigeria in 2023

The International Monetary Fund, in its latest economic outlook, has stated that Nigeria’s economic growth is expected to be 3.0% in 2023. 

They added that global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023, citing that it is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic. 

Nigeria’s economic growth is expected to slow down from 3.6% in 2021 to 3.2% in 2022 and 3.0% by 2023. Sub-Saharan Africa is expected to grow at 3.6% in 2022 compared to 4.7% in 2021 and grow at a rate of 3.7% by 2022 

South Africa’s growth is expected to slower at 2.1% in 2022 and 1.1% by 2023.

The IMF noted that for sub-Saharan Africa, the growth outlook is slightly weaker than predicted in July, with a decline from 4.7 percent in 2021 to 3.6 percent and 3.7 percent in 2022 and 2023, respectively— downward revisions of 0.2 percentage point and 0.3 percentage point, respectively.  

“This weaker outlook reflects lower trading partner growth, tighter financial and monetary conditions, and a negative shift in the commodity terms of trade” they added. 

They said global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades.  

The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook. Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001, except for the global financial crisis and the acute phase of the COVID-19 pandemic. 

 They added that global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 but to decline to 6.5 percent in 2023 and to 4.1 percent by 2024.  

Source: IMF projects 3% growth for Nigeria in 2023 – StocksWatch (stocksng.com)

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