By COMFORT NJIONYE
The International Monetary Fund (IMF) in a new forecast has said Nigeria’s economy will grow at a faster pace than South Africa’s in 2018.
The IMF said Nigeria will grow at 1.9 per cent in 2018, while South Africa will only climb by 1.2 per cent, according to its World Economic Outlook, WEO, for July 2017.
IMF added that global growth will be aided by growths in the US and the UK, who are projected to grow at 2.1 percent and 1.5 percent respectively.
Projections for 2017 put South Africa’s growth at one per cent, while Nigeria is expected to muster just 0.8 percent.
Growth was marked down in South Africa due to elevated political uncertainty. This was made know by the Bretton Woods institution, which held global growth projections at 3.5 per cent in 2017 and 3.6 per cent in 2018.
“The slight upward revision to 2017 growth relative to the April 2017 WEO forecast reflects a modest upgrading of growth prospects for South Africa, which is experiencing a bumper crop due to better rainfall and an increase in mining output prompted by a moderate rebound in commodity prices.
“China’s growth projections have also been revised up (6.7%), reflecting a strong first quarter of 2017 and expectations of continued fiscal support.
“Inflation in advanced economies remains subdued and generally below targets; it has also been declining in several emerging economies, such as Brazil, India, and Russia.”