The International Monetary Fund has predicted that the Nigerian economy will grow by 0.6% in 2017, effectively lifting the country out of an officially declared recession. In the IMF’s World Economic Outlook report released on Tuesday, Nigeria’s real Gross Domestic Product is expected to increase marginally by 0.6% with Consumer Prices rising by 17.1%.Nigeria’s Current Account Balance is however forecast to slump further by 0.4% next year.According to the Bretton Woods institution, the projected increase in global growth in 2017 to 3.4% hinges crucially on rising growth in emerging market and developing economies.The institution however revised down growth projections for the last quarter of 2016 in the region to reflect the challenging macroeconomic conditions in economies like Nigeria.In Nigeria for example, this revision was based on the contracted economic activity followed by disruptions to oil production, foreign currency shortages resulting from lower oil receipts, lower power generation, and weak investor confidence.
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