{"id":124592,"date":"2024-07-17T16:59:28","date_gmt":"2024-07-17T15:59:28","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/imf-downgrades-nigerias-2024-gdp-growth-projection"},"modified":"2024-07-17T22:01:57","modified_gmt":"2024-07-17T21:01:57","slug":"imf-downgrades-nigerias-2024-gdp-growth-projection","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection","title":{"rendered":"IMF downgrades Nigeria\u2019s 2024 GDP growth projection"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The International Monetary Fund, IMF, has downgraded Nigeria\u2019s real GDP growth in 2024 to 3.1 percent from 3.3 percent in April.<\/p>\n

IMF made this known in its recent update to the global economic outlook titled \u201cGlobal Economy in a Sticky Spot\u201d released on Tuesday.<\/p>\n

According to the report, the downgrade in the country\u2019s economic growth stems from weaker-than-expected activities in the first Quarter of 2024.<\/p>\n

The IMF further downgraded economic growth projections for Sub-Saharan Africa (SSA) on the back of a decline in economic activities in Nigeria from 3.8 percent to 3.7 percent.<\/p>\n

The report reads, \u201cThe forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year.\u201d<\/p>\n

Furthermore, the IMF left growth projections for other strong economies in Africa unchanged at 0.9 percent in 2024 and 1.2 percent in 2025.<\/p>\n

Meanwhile, Egypt saw a 0.3 percent-point decline in economic growth projections in 2024 and 2025 from 3.0 percent in the earlier projection to 2.7 percent and from 4.4 percent to 4.1 percent.<\/p>\n

Recall that in April 2024, the IMF adjusted Nigeria\u2019s economic growth forecast to 3.3 percent in 2024.<\/p>\n

The development comes as Nigeria\u2019s GDP declined by 2.98 percent in Q1 2024 due to economic hardships according to the National Bureau of Statistics.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The International Monetary Fund, IMF, has downgraded Nigeria\u2019s real GDP growth in 2024 to 3.1 percent from 3.3 percent in April. IMF made this known in its recent update to the global economic outlook titled \u201cGlobal Economy in a Sticky Spot\u201d released on Tuesday. According to the report, the downgrade in the […]<\/p>\n","protected":false},"author":84,"featured_media":124591,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[566,254],"class_list":["post-124592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-imf","tag-nigeria"],"yoast_head":"\nIMF downgrades Nigeria\u2019s 2024 GDP growth projection - Nigeria<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund, IMF, has downgraded Nigeria\u2019s real GDP growth in 2024 to 3.1 percent from 3.3 percent i ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF downgrades Nigeria\u2019s 2024 GDP growth projection\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund, IMF, has downgraded Nigeria\u2019s real GDP growth in 2024 to 3.1 percent from 3.3 percent i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-17T15:59:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-17T21:01:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/07\/sm_1721223462.544952.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"498\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF downgrades Nigeria\u2019s 2024 GDP growth projection\",\"datePublished\":\"2024-07-17T15:59:28+00:00\",\"dateModified\":\"2024-07-17T21:01:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection\"},\"wordCount\":231,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/07\/sm_1721223462.544952.jpg\",\"keywords\":[\"IMF\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/imf-downgrades-nigerias-2024-gdp-growth-projection\",\"name\":\"IMF downgrades Nigeria\u2019s 2024 GDP growth projection - 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