RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economics

IMF downgrades Nigeria’s 2023 growth projection, retains 2022 at 3.4 %

Rate Captain by Rate Captain
July 27, 2022
in Economics
Reading Time: 1 min read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Despite the adverse macroeconomic environment, the International Monetary Fund (IMF) has retained Nigeria’s 2022 economic growth projection at 3.4 percent.

The Washington-based lender disclosed this, yesterday, in its July 2022 World Economic Outlook (WEO), titled, “Gloomy and More Uncertain”.

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

 

However, IMF downgraded the country’s 2023 projection to 3.2 per cent from 3.3 per cent projected in its April 2022 WEO.

It projected a slow growth in the global economy to 3.2 per cent in 2022 and 2.9 percent in 2023.

 

It said: “Global slowdown intensifies as downside risks materialize. A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022. Performance was slightly better than expected in the first quarter, but world real Gross Domestic Product, GDP is estimated to have shrunk in the second quarter, the first contraction since 2020, owing to economic downturns in China and Russia.

“Downside risks discussed in the April 2022 World Economic Outlook are materializing, with higher inflation worldwide, especially in the United States and major European economies, triggering a sharp tightening in global financial conditions; a sharper-than-anticipated slowdown in China, reflecting COVID-19 outbreaks and lock-downs; and further negative cross-border effects from the war in Ukraine.

“The outlooks for countries in the Middle East and Central Asia and sub-Saharan Africa remain on average unchanged or positive, reflecting the effects of elevated fossil fuel and metal prices for some commodity-exporting countries.”

Previous Post

Nigeria’s Oil Production Deficit May Persist Despite TotalEnergies’ Production From the Ikike Field

Next Post

Naira Hits N431/$ at the Investors and Exporters (I&E) Window as it Maintains a Downward Trajectory

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

CBN to Debit Banks by Thursday as it Raises Cash Reserve Ratio to 32.5%

Reps asks CBN to suspend new cash withdrawal policy, summon Godwin Emefiele

by Rate Captain
December 9, 2022
0

The House of Representatives has asked the Central Bank of Nigeria (CBN) to immediately suspend the planned implementation of its...

Next Post
Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window

Naira Hits N431/$ at the Investors and Exporters (I&E) Window as it Maintains a Downward Trajectory

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • Shell’s annual profit hits $39.9 billion.

    Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Airtel Africa’s nine-month turnover hits $3.9billion.

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N746/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>