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Recession IMF predicts Nigeria will be out by 2017

The IMF has tipped Nigeria to come out of its current economic situation in 2017 as the GDP is expected to increase.

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Nigerian President Muhammadu Buhari play

Nigerian President Muhammadu Buhari

(Pool/AFP/File)

The Nigerian economy will grow by 0.6% in 2017 and this will effectively lift the country out of the officially declared recession, the International Monetary Fund has predicted.

According to the IMF’s World Economic Outlook report released on Tuesday, October 4, 2016, Nigeria’s real Gross Domestic Product is expected to increase marginally by 0.6% with Consumer Prices rising by 17.1%.

However, the IMF forecasts that the Nigeria’s Current Account Balance will slump further by 0.4% in 2017.

A recovery in global activity is expected to be driven entirely by emerging market and developing economies, which Nigeria is part of.

ALSO READ: ‘The worst of the recession is over,’ CBN governor says

This global recovery, the report says, is premised on the normalization of growth rates in countries like Nigeria, Russia, South Africa, Latin America, and parts of the Middle East.

Channels TV reports that according to the Bretton Woods institution, an increase in global growth is projected in 2017 to 3.4% and this will hinge on rising growth in emerging market and developing economies.

Though there are several predictions about when Nigeria’s economy will come out of recession, Global credit rating agency has also predicted that the country will soon be out of recession.

Beyond 2017, IMF expects global growth to gradually increase by 3.8% in 2021.

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