Sustained broad-based economic growth and poverty reduction are critical to its economic stability.
IMF The forecast which represents 0. Though, the IMF upgraded its growth forecast for the global economy in to 3. Global output is estimated to have grown by 3.
The pickup in growth has been broad based, with notable upside surprises in Europe and Asia. Global growth forecasts for and have been revised upward by 0. The revision reflects increased global growth momentum and the expected impact of the recently approved U.
On the upside, the cyclical rebound could prove stronger in the near term as the pickup in activity and easier financial conditions reinforce each other. On the downside, rich asset valuations and very compressed term premiums raise the possibility of a financial market correction, which could dampen growth and confidence.
Shared priorities across all economies include implementing structural reforms to boost potential output and making growth more inclusive. In an environment of financial market optimism, ensuring financial resilience is imperative. Weak inflation suggests that slack remains in many advanced economies and monetary policy should continue to remain accommodative.
However, the improved growth momentum means that fiscal policy should increasingly be designed with an eye on medium-term goals—ensuring fiscal sustainability and bolstering potential output.
Multilateral cooperation remains vital for securing the global recovery. First, the need to raise potential output growth—through structural reforms to lift productivity and, especially in advanced economies with aging populations, enhance labor force participation rates—while making sure that the gains from growth are shared widely.
Second, the imperative to increase resilience, including through proactive financial regulation and, where needed, balance sheet repair and strengthening fiscal buffers. Action is particularly important in a low-interest-rate, low-volatility environment with potential for disruptive portfolio adjustments and capital flow reversals.
The current cyclical upswing provides a unique opportunity for structural and governance reforms.Nigeria GDP Growth Rate Nigeria is one of the most developed countries in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP.
IMF projects % economic growth for Nigeria.
On January 22, with a modest upgrade to the growth forecast for Nigeria but more subdued growth prospects in South Africa, where growth is now. Private sector-led economic growth remains stymied by the high cost of doing business in Nigeria, including the need to duplicate essential infrastructure, the lack of effective due process, and nontransparent economic decision making, especially in government contracting.
Nigeria’s economic growth is also constrained by insufficient electricity generation capacity, which results in a lack of a reliable and affordable supply of power.
At the same time, Nigeria flares considerable amounts of associated gas, a by-product of offshore crude oil extraction. GDP Growth Rate in Nigeria averaged percent from until , reaching an all time high of percent in the third quarter of and a record low of percent in the first quarter of Nigeria is one of the most developed countries in Africa.
Economic growth is constrained by inadequate infrastructure, electricity, incentives, and policies that promote private sector development, and poor access to quality education. Nigeria has enjoyed relatively strong economic growth over the past seven years but poverty is still a major concern.