IMF slashes global economic growth to 3.7%

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The International Monetary Fund (IMF) has revised its global growth projection to 3.7 percent for this year 2018 and 2019 from the previous 3.9 percent.

Economic Counsellor and Director of Research Department at IMF, Maurice Obstfeld disclosed the Fund’s new projection for global economic growth whilst addressing the media on the World Economic Outlook, in Bali, Indonesia.

He said developments on the world stage, such as unsustainable polices, led to the downward review of the Bretton Woods’ institution initial projection.

Additionally, he said challenges faced by three major economies in Africa; Nigeria, South Africa and Angola, have impacted the region’s growth which has also affected overall global growth.

Meanwhile the IMF is projecting growth of 1.9 and 0.8 percent for Nigeria and South Africa while it is predicting contraction of 0.1 percent for Angola.

It also said although oil producing countries like Nigeria are going to benefit from higher prices, it sees signs of lower investment in manufacturing, coupled with weaker trade growth.

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