Babajide Komolafe

The International Monetary Fund, IMF said that Nigeria’s economy will contract by 3.4% in 2020, but rebound with 2.4% growth in 2021.

The IMF made this projection in its latest edition of the World Economic Outlook just released at the ongoing Spring Meeting in Washington.

The IMF also projected that the global economy will contract by 3.0% in 2020 but grow by 5.8 % in 2021.

The projected contraction, the IMF stated is due to the impact of the COVID-19 pandemic, which it stated may lead to a global GDP loss of $9 trillion between 2020 and 2021.