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The International Monetary Fund (IMF) has projected negative growth for Nigeria, others, stating that COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity.
The IMF projected a negative growth of -3.4% for Nigeria, indicating a recession.
According to the IMF, as a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis.
The risks for even more severe outcomes, however, are substantial. Effective policies are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion and protect lives are an important investment in long-term human and economic health.
Details later.