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IMF cuts 2017 growth forecasts for Africa’s largest two economies

by ChemOrbis Editorial Team -
  • 07/10/2016 (12:09)
According to media reports, the International Monetary Fund (IMF) cut its economic growth forecast for Africa’s largest two economies, South Africa and Nigeria. In its latest World Economic Outlook Report, the fund reported that low commodity prices, weakening local currencies and lower crude oil prices combined with production disruptions in the oil areas are weighing on the countries’ economic growth prospects.

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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