{"id":39564,"date":"2020-04-14T17:55:48","date_gmt":"2020-04-14T16:55:48","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=39564"},"modified":"2020-04-14T17:55:48","modified_gmt":"2020-04-14T16:55:48","slug":"imf-nigeria-heading-into-its-worst-recession-in-over-30-years","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/imf-nigeria-heading-into-its-worst-recession-in-over-30-years\/","title":{"rendered":"IMF: Nigeria Heading Into Its Worst Recession In Over 30 Years"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has projected that Nigeria\u2019s economy will recede by 3.4% in 2020 as a result of the COVID-19 pandemic that has disrupted global supply chains.<\/p>\n<p>This would be the worst recession in 30 years, and the second recession in five years, following closely after a negative economic growth of 1.51% in 2016.<\/p>\n<p>In 1987, Nigeria\u2019s economy receded by -10.87 and -0.6 in 1991.<\/p>\n<p>This is contained in the April 2020 World Economic Outlook report released on Tuesday in Washington.<\/p>\n<p>Gita Gopinath, IMF chief economist and director of the research department, said the recession to be experienced would be the worst since the Great Depression that occurred between 1929 and 1932 when the advanced economies shrunk by 16%.<\/p>\n<p>It is projected that the Nigerian economy will rebound by 2.4% in 2021.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>\u201cFor the first time since the Great Depression, both the advanced economies and emerging and developing economies are in a recession,\u201d she said in a press briefing that marked the beginning of the April 2020 Spring meetings that is holding virtually.<\/p>\n<p>\u201cFor 2020, growth in advanced economies is projected at -6%. Emerging markets and developing economies which typically have normal growth levels well above advanced economies are also projected to have negative growth of -1% and -2.2% if you exclude China.\u201d<\/p>\n<p>Gopinath also said the fund has projected 170 countries across the world would experience a shrinkage in their income per capita.<\/p>\n<p>The economist said the recovery in 2020 would be partial and the projections provided in the report is the baseline scenario.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has projected that Nigeria\u2019s economy will recede by 3.4% in 2020 as a result of the COVID-19 pandemic that has disrupted global supply chains.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":35327,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[573],"coauthors":[2391],"class_list":["post-39564","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-imf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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