Environments
Nigeria’s economic growth to overtake South Africa next year
Phila Mzamo on July 25 2017 in News
The International Monetary Fund (IMF) has predicted that the Nigerian economy will expand by 1.9% in 2018, higher than the 1.2% it estimated for the South African economy, though.
In addition, the multilateral institution projected that Nigeria would exit the biting economic recession this year with a slim economic growth of 0.8%, just as it predicted that South Africa, would also record 1% growth in its Gross Domestic Product (GDP) this year. The fund made the predictions in its World Economic Outlook (WEO) for July 2017, titled: ‘A Firming Recovery,’ that was obtained on its website.
WEO’s breakdown
The South economy entered recession for the first time in eight years in 2017, this according to data from Statistics South Africa presented in June. Similarly, the Nigerian economy sank into its worst economic recession in 29 years last year and has seen government pursuing expansionary fiscal policies […]