The International Monetary Fund (IMF) has projected that Nigeria’s economy will recede by 3% in 2020. This is projected to be the worst recession in 30 years after the 2015 recession.
This is contained in the April 2020 World Economic Outlook report released on Tuesday in Washington.
Gita Gopinath, IMF chief economist and director of the research department, said the recession to be experienced would be the worst since the Great Depression that occurred between 1929 and 1930.
It is projected that the Nigerian economy will rebound by 2.4% in 2021.
Gopinath also said the fund has projected 170 countries across the world would experience a shrinkage in their income per capita.
The economist said the recovery in 2020 would be partial and the projections provided in the report is the baseline scenario.