The International Monetary Fund has maintained its projected 2022 growth forecast for Nigeria at 2.7% and increased the 2023 projection by 0.1% to 2.7%.
This was revealed in the IMF January World Economic Outlook report.
In the report, the IMF downgraded its growth forecast for sub-Saharan Africa to 3.7% and 4.0% for 2022 and 2023 respectively from 3.6% and 3.9%.
The financial institution also lowered its prediction for global economic growth to 4.4% in 2023, which represents 0.5% points lower than the 4.9% projected in October.
In its October 2021 WEO report, the IMF projected a 2.7 percent growth rate for 2022 and 2.6 percent for 2023.
The IMF however, stated that the decline will be triggered majorly by the COVID-19 new variant spread and inflation.
It further noted that the global economy entered 2022 in a weaker position than previously projected. As the new Omicron COVID-19 variant spreads, countries have reimposed mobility restrictions, the IMF added.
However, the report shows that inflation is expected to stay longer than envisioned in the October WEO, with ongoing supply chain disruptions and high energy prices continuing in 2022.
