According to the IMF, growth in 2023 will be 3.1 percent, up from 3.4 percent in 2022 and 3.6 percent in 2021.
Nigeria’s economy is predicted to develop at a slower pace than the rest of Sub-Saharan Africa, with growth rates of 4.5 percent in 2021, 3.8 percent in 2022, and 4.0 percent in 2023.
The IMF also noted that as a result of the war in Ukraine and Russian sanctions, the global economy is anticipated to rise by 3.6 percent in 2022 and 2023.
“We have lowered our expectation for global growth downwards to 3.6 percent in both 2022 and 2023, compared to our January forecast,” it stated.
This reflects the war’s immediate impact on Ukraine and the sanctions’ impact on Russia, with both nations expected to see significant contractions.
“Due to the indirect consequences of the war, the European Union’s growth outlook has been lowered downward by 1.1 percentage points this year, making it the second-largest contribution to the total negative revision.”
According to the IMF, the war between Russia and Ukraine will stifle economic development and raise prices.