In its most recent update to its world economic outlook, the International Monetary Fund kept its prediction of Nigeria’s 3.2% GDP growth for 2023.
The IMF increased the country’s 2024 economic growth prediction from the 2.9 percent it announced in its January update to 3.0 percent in the “World Economic Outlook: A Rough Recovery” (2023 April).
The Washington-based lender projects that global economic growth would slow from 3.4% in 2022 to 2.8% in 2023.
According to the statement, growth will decline from 3.4% in 2022 to 2.8% in 2023 before leveling off at 3.0% 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.
“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.”