Nigeria might be out of Recession by 2017 - IMF Predicts

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

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

Nigeria’s Current Account Balance is however forecast to slump further by 0.4% next year.

According to the Bretton Woods institution, the projected increase in global growth in 2017 to 3.4% hinges crucially on rising growth in emerging market and developing economies.

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

This recovery in global activity, which is expected to be driven entirely by emerging market and developing economies, is premised on the normalization of growth rates in countries like Nigeria, Russia, South Africa, Latin America, and parts of the Middle East.