ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

COVID-19: IMF projects global growth for 2021 to be 5.5%

8th April 2021
in Business
0
Nigeria lacks transparency in Excess Crude Account management – IMF
0
SHARES
61
VIEWS
Share on FacebookShare on Twitter

From Isaac Anumihe, Abuja

As the business coommunity look forward to the effect of coronavirus subsiding, the International Monetary Fund (IMF) has projected that global growth for 2021 to be 5.5 per cent, which is 0.3 percentage points above its previous forecast.  The  growth is expected to moderate to 4.2 per cent in 2022.

In its latest World Economic Outlook (WEO), the Fund said that the  US economy roared back to life in 2021, with first-quarter growth set to defy even the rosiest expectations as another fresh influx of cash looms.

This was as manufacturing data  showed the sector at its highest growth level since August 2018.

“In our latest World Economic Outlook, we are projecting global growth for 2021 to be 5.5 per cent, which is 0.3 percentage points above our previous forecast. And then growth is expected to moderate to 4.2 per cent in 2022.

“The U.S. economy has roared back to life in 2021, with first-quarter growth set to defy even the rosiest expectations as another fresh influx of cash looms. Manufacturing data Monday showed the sector at its highest growth level since August 2018,” it said.

Specifically, IMF observed,  real (inflation-adjusted) gross domestic product (GDP) is projected to return to its pre-pandemic level in mid-2021 and to surpass its potential (that is, its maximum sustainable) level in early 2025.

“The U.S. economic recovery paused at the end of 2020, but it will soon be ready for liftoff. We project U.S. real GDP growth of 5.3 per cent in 2021 and 4 per cent in 2022. We now forecast GDP to surpass our pre-COVID expectation by 2022.

However, it noted,  the labour  market fallout from the COVID-19 pandemic shock continues, with young and lower-skilled workers particularly hard-hit. But it said that pre-existing employment trends favouring  a shift away from jobs that are more vulnerable to automation are accelerating.

Nevertheless, the Fund advocated policy support for job retention as that would help immensely to mitigate impacts of COVID-19.

“Policy support for job retention is extremely powerful at reducing scarring and mitigating the unequal impacts from the acute pandemic shock.

“As the pandemic subsides and the recovery normalises, a switch toward worker reallocation support measures could help reduce unemployment more quickly and ease the adjustment to the permanent effects of the COVID-19 shock on the labour market” it said.

For emerging market economies to   reduce their vulnerability to adverse financial spillovers, the Fund suggested that they should adopt transparent and rules-based monetary and fiscal frameworks.

“Monetary policy easing by advanced economies early in the pandemic provided much financial relief to emerging markets. Looking ahead, a multispeed recovery from the crisis will raise challenges. Our analysis suggests that while a US tightening resulting from a stronger US economy tends to be benign for most emerging market economies, a surprise tightening triggers capital outflows from emerging markets.

Tags: global growth for 2021international monetary fund (imf)
Rapheal

Rapheal

Related Posts

Dangote denies increasing cement price to N4,000
Business

Dangote denies increasing cement price to N4,000

13th April 2021
Twitter snubs Nigeria, opens African headquarters in Ghana
Business

Twitter snubs Nigeria, opens African headquarters in Ghana

13th April 2021
Wrong classification makes bank loans go toxic –Peter, Cititrust boss
Business

Wrong classification makes bank loans go toxic –Peter, Cititrust boss

13th April 2021
Next Post
AXA Mansard gives customers free motor insurance cover

AXA Mansard supports Nigerian SMEs with business insurance plan

PenCom approves 2,831 applications for annuity retirement in Q3, 2018

PenCom recoups N553m from 19 defaulting employers

Insurtech: How Coverdor is leading open insurance in Nigeria

Insurtech: How Coverdor is leading open insurance in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

2023 presidential election: PDP too weak to wrestle power from ruling party–Govs forum DG

NUC accreditation panel inspects PLASU Mass Comm Dept

Ugwuanyi receives report on Oruku crisis

NAOWA distributes palliatives to soldiers wives in Lagos

ECOWAS Parliament vows to end extortions at border posts in W/Africa

We’ll secure a better, safer Nigeria, says Group

Trending

Explore NIPOST’s human and material resources to improve the Agency, AGF Idris charges Postmaster General
National

Financial Reform Initiatives: We are open to stakeholders with valuable ideas – AGF, Idris

13th April 2021
0

The Accountant General of the Federation (AGF), Ahmed Idris, FCNA has declared his readiness to partner with...

Anambra

Anambra group tasks Obiano on security

13th April 2021
Sanwo-Olu

Ramadan: Sanwo-Olu to clerics, pray for peace, Nigeria is shaking

13th April 2021
Buhari ‘ll subdue insecurity–APC Govs

2023 presidential election: PDP too weak to wrestle power from ruling party–Govs forum DG

13th April 2021
Plateau 

NUC accreditation panel inspects PLASU Mass Comm Dept

13th April 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist