IMF cuts 2017 growth forecasts for Africa’s largest two economies
The IMF’s latest report showed that South Africa’s gross domestic product (GDP) may expand 0.8% in 2017, slower than the fund’s earlier growth expectations of 1% in July. The Nigerian economy, meanwhile, will grow 0.6% next year. The fund’s previous expectations for the Nigerian economy had called for a growth rate of 1.1%. In addition, Nigeria’s economy will contract by 1.7% this year, according to the fund.
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