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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
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    • Economic Data
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    BITCOIN hits $103,000 for the first time

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IMF forecasts deeper global recession in 2020

Wednesday, 24 June 2020, 6:58 pm
in News, World
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IMF forecasts deeper global recession in 2020
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The Covid-19 pandemic has had more negative impact on economic activities in the first half of 2020 than anticipated by the International Monetary Fund (IMF). The economic recovery in 2021 is also being projected to be slower than previously projected by the Fund.

Thus, the IMF has revised its world economic outlook for 2020 downwards to minus 4.9% growth from minus 3.4% it predicted in April 2020.

The fund also foresees a slower-than-expected recovery  as it cut its expectations for global growth in 2021 to 5.4% from 5.8%.

These projections imply a cumulative loss to the global economy over two years (2020–21) of over $12 trillion from this crisis.

IMF is also projecting that Nigerian economy will contract by minus 5.4% in 2020 and a 2.6% growth in 2021.

Read also; Nigeria Headed for a Deeper Recession, to Shrink by 8.9%: Finance Minister

Of all the countries represented on the IMF world economic outlook table, only China has a positive growth of 1.0% in 2020.

The US and UK economy is projected to contract by 10.2% each. Italy and Spain will grow by minus 12.8% each whereas France will experience minus 12.5% growth in 2020.

Read more; US Economy Shrinks for the First time in Almost 5 Years

Overall, the new forecast would leave 2021 GDP more than six percentage points lower than in the IMF’s pre-COVID projections of January 2020, according to the report.

According to IMF its world economic outlook has high level of uncertainty with the basic assumption revolving around Covid-19 pandemic.

“In economies with declining infection rates, the slower recovery path in the updated forecast reflects persistent social distancing into the second half of 2020.

“For economies struggling to control infection rates, a lengthier lockdown will inflict an additional toll on activity.”

“The global community must act now to avoid a repeat of this catastrophe by building global stockpiles of essential supplies and protective equipment, funding research and supporting public health systems, and putting in place effective modalities for delivering relief to the neediest.”

Read also; Oil Prices maintain mixed feeling as OPEC+ intensifies effort to curtail its fall

“The lockdown imposed in majority of countries around the world have “triggered the worst recession since the Great Depression” Gita Gopinathis the Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF).

Several countries have started to reopen and recover from the devastating effect of the lockdown.

Gopinath noted that “in the absence of a medical solution, the strength of the recovery is highly uncertain and the impact on sectors and countries uneven.”

The IMF is also projecting that public debt this year will reach the highest level in recorded history in relation to GDP, in both advanced and emerging market and developing economies.

 

Countries will need sound fiscal frameworks for medium-term consolidation, through cutting back on wasteful spending, widening the tax base, minimizing tax avoidance, and greater progressiveness in taxation in some countries.

Written by;

Ifunanya Ikueze

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