IMF: Nigeria to witness sluggish economic growth in 2019 - Welcome to CeeJayInfo

Wednesday, 10 October 2018

IMF: Nigeria to witness sluggish economic growth in 2019


The three major economies of Africa: Nigeria, South Africa and Angola are projected to witness sluggish growth in 2019 and beyond, the International Monetary Fund (IMF) has said.

While Nigeria will grow from 1.9 per cent in 2018 to 2.3 percent in 2019, South Africa and Angola were projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively, the IMF said yesterday.

The projected economic growth of the sub-Sahara Africa from 3.1 percent this year to 3.8 percent in 2019 is not enough to create the needed jobs for the growing population of the region, the Fund added.

The Fund in its 2018 World Economic Outlook released yesterday also warned that the fragile growth of the region may not be enough for the attainment of the Sustainable Development Goals, if the trend remains for a while.

Maurice Obstfeld, IMF’s chief economist and director of research said whatever affects the three major economies will affect the whole region as majority of the countries relies on their trajectories.

He said although the region would witness growth next year but the growing number of working class coupled with less jobs opportunities, huge public debts and poor infrastructure present a challenge in achieving the developmental goals of the United Nations.

“The continent could do much better once these economies are on the a more solid footings, particularly South Africa and Nigeria because they are really large and affect a number of countries i

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