{"id":5475,"date":"2024-04-24T09:06:27","date_gmt":"2024-04-24T09:06:27","guid":{"rendered":"https:\/\/www.psmgt.org.uk\/us\/?p=5475"},"modified":"2024-04-24T09:06:27","modified_gmt":"2024-04-24T09:06:27","slug":"imf-forecasts-nigerias-economy-to-drop-to-fourth-largest-in-africa","status":"publish","type":"post","link":"https:\/\/www.psmgt.org.uk\/us\/imf-forecasts-nigerias-economy-to-drop-to-fourth-largest-in-africa\/","title":{"rendered":"IMF FORECASTS NIGERIA&#8217;S ECONOMY TO DROP TO FOURTH LARGEST IN AFRICA"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In 2022, Nigeria held the position of Africa&#8217;s largest economy. However, this ranking\u00a0<\/span><span data-preserver-spaces=\"true\">is expected<\/span><span data-preserver-spaces=\"true\">\u00a0to slip to fourth place this year, according to forecasts by the International Monetary Fund (IMF). This change is due to a series of currency devaluations experienced by the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to a report by Bloomberg, based on the IMF&#8217;s World Economic Outlook, Nigeria&#8217;s gross domestic product (GDP) for the current year is projected to be $253 billion at current prices.\u00a0<\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\">\u00a0places Nigeria behind Algeria, with a GDP of $267 billion, Egypt at $348 billion, and South Africa at $373 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The report also predicts South Africa will remain the continent&#8217;s largest economy until Egypt re-assumes the top spot by 2027. However, based on the data released by the IMF, Nigeria will remain in fourth place for the foreseeable future.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nigeria has encountered some economic challenges since President Bola Tinubu announced significant policy reforms, including the cessation of subsidy programs and the devaluation of the\u00a0<\/span><span data-preserver-spaces=\"true\">Naira<\/span><span data-preserver-spaces=\"true\">. Despite a recent recovery, the\u00a0<\/span><span data-preserver-spaces=\"true\">Naira<\/span><span data-preserver-spaces=\"true\">\u00a0remains approximately 50% weaker than the US dollar compared to pre-reform levels following two rounds of currency devaluation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Egypt, one of the most indebted nations in the emerging world and ranking as the IMF&#8217;s second-largest borrower after Argentina, also\u00a0<\/span><span data-preserver-spaces=\"true\">opted to allow<\/span><span data-preserver-spaces=\"true\">\u00a0its currency to float. This decision resulted in an approximate 40% depreciation of the Egyptian pound against the US dollar last month, aimed at attracting investment.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In contrast to the Nigerian\u00a0<\/span><span data-preserver-spaces=\"true\">naira<\/span><span data-preserver-spaces=\"true\">\u00a0and the Egyptian pound, the value of South Africa&#8217;s rand has traditionally\u00a0<\/span><span data-preserver-spaces=\"true\">been determined<\/span><span data-preserver-spaces=\"true\">\u00a0by financial markets. Although experiencing a marginal 4% depreciation against the US dollar this year, South Africa&#8217;s economy\u00a0<\/span><span data-preserver-spaces=\"true\">is expected<\/span><span data-preserver-spaces=\"true\"> to benefit from improvements in energy provision and initiatives aimed at addressing logistical impediments.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source: <a href=\"https:\/\/punchng.com\/imf-forecasts-nigerias-economy-drop-to-fourth-largest-in-africa\/\">Punch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2022, Nigeria held the position of Africa&#8217;s largest economy. However, this ranking\u00a0is expected\u00a0to slip to fourth place this year, according to forecasts by the International Monetary Fund (IMF). This [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16,80],"tags":[],"class_list":["post-5475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bussiness","category-economic"],"_links":{"self":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/5475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/comments?post=5475"}],"version-history":[{"count":1,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/5475\/revisions"}],"predecessor-version":[{"id":5476,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/5475\/revisions\/5476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/media\/5396"}],"wp:attachment":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/media?parent=5475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/categories?post=5475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/tags?post=5475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}