The International Monetary Fund plays a significant role in moulding economic policies of the world, including Nigeria. Accordingly, the IMF (Nigeria) Staff Country Reports gives kudos to the government in areas they reason are commendable, while offering options to areas they believe can have damaging effects on the economy.

Recently, the agency released a report wherein it raised Nigeria’s 2021 Gross Domestic Product (GDP) growth rate from 1.5 per cent to 2. 5 per cent.

This was contained in its World Economic Outlook (WEO) in which it also reduced next year’s growth forecast from 2.5 per cent to 2.3 per cent.

The IMF raised the 2021 projected Global growth from its October 2020 position of 5.5 per cent, to a new 6 per cent.

Global growth is projected at 6 per cent in 2021, moderating to 4.4 per cent in 2022. The projections for 2021 and 2022 are stronger than in the October 2020 WEO.

The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility.

The organisation noted that global prospects remained highly uncertain one year into the pandemic as the “New virus mutations and the accumulating human toll raise concerns, even as growing vaccine coverage lifts sentiment.
https://thejournalnigeria.com/imf-ray-nigeria-global-economy/

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