LIVE UPDATES
The growth rate in sub-Saharan Africa for 2024 has been downgraded to 3.7 per cent by the International Monetary Fund, as stated in the latest World Economic Outlook Update released on Tuesday.
This revision is attributed to weaker-than-expected growth in Nigeria.
The IMF had previously projected economic growth to rise to 3.8 per cent in 2024, but the latest forecast for Nigeria has dropped to 3.1 per cent.
The global growth forecast remains at 3.2 per cent in 2024 and 3.3 per cent in 2025, with the IMF warning of inflation risks and emphasizing the need for careful policy sequencing.
Additionally, the IMF anticipates a recovery in world trade growth to about 3.25 per cent annually in 2024–25, aligning with global GDP growth.
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