IMF downgrades Nigeria growth forecast for 2017

The Washington-based lender said in its World Economic Outlook Report on Tuesday that Nigeria’s economy would contract by 1.7 per cent this year and expand 0.6 per cent in 2017, less than the 1.1 per cent the IMF had earlier predicted.

Giving its forecast for Africa’s two largest economies, the fund said the Gross Domestic Product in South Africa would probably expand by 0.8 per cent next year, compared with one per cent it predicted in July.

The two nations make up more than half of the sub-Saharan Africa’s GDP.

According to the IMF, low commodity prices, policy uncertainty and weak investor confidence weigh on output of the two economies.GDP

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