IMF retains Nigeria’s 3.2% economic growth projection

The International Monetary Fund has retained Nigeria’s 3.2 per cent economic growth projection for 2023 in its recent world economic outlook update.

In the ‘World Economic Outlook: A Rocky Recovery (2023 Apr), the IMF improved the country’s 2024 economic growth projection for 2024 to 3.0 per cent from the 2.9 per cent it stated in its January update.

According to the Washington-based lender, global economic growth is expected to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023.

It said, “The baseline forecast is for growth to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023, before settling at 3.0 per cent in 2024.

“Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 per cent in 2022 to 1.3 per cent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 per cent in 2023 with advanced economic growth falling below 1 per cent.

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“Global headline inflation in the baseline is set to fall from 8.7 per cent in 2022 to 7.0 per cent in 2023 on the back of lower commodity prices but underlying (core) inflation is likely to decline more slowly. Inflation’s return to target is unlikely before 2025 in most cases.”

The IMF noted that the other major forces that shaped the world economy in 2022 are likely to influence 2023 with debt levels remaining high and limiting the ability of fiscal policymakers to respond to new challenges.

It added that the current uncertainty in the financial sector poses risk to the global economy.

Also, today (Tuesday), the World Bank Group President, David Malpass, predicted that global economic growth will slow to two per cent from 3.1 per cent in 2022.

He said this during his opening address at the ongoing Spring Meetings 2023 Media Call.

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