This was revealed by the IMF Deputy Director of Research Gian Milesi-Ferretti at the Annual General Meetings of the ongoing IMF/World Bank in Bali, Indonesia.
Milesi-Ferretti said that South Africa and Angola’s economies are also not doing well and slowing down economic growth in the continent.
“Nigeria’s growth, 1.9 percent this year; 2.3 next year. South Africa, only 0.8 percent this year; Angola, contracting by 0.1 percent this year,” he said.
“So, the aggregate – over three percent this year, close to four percent next year – is despite the largest economies in the continent doing poorly.
“The continent could do much better once these economies are on a more solid footing, particularly South Africa and Nigeria because they are really large and affect a number of countries in their neighborhood.”
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