Business

IMF Discloses; South Africa to Topple Nigeria Economy

today10/17/2023 5

Background
share close

The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy.

According to the IMF World Economic Outlook, South Africa, is the most industrialized country on the African continent and its reaching towards achieving $401 gross domestic product (GDP) in 2024.

The global financial institution, however, envisioned that based on current prices, Nigeria and Egypt have GDPs of $395 billion and $358 billion respectively.

IMF further noted that South Africa is billed to top the chart for a year before it once again trails Nigeria.

According to the report, South Africa may further plummet to third place behind Egypt in 2026.

This is coming as the Nigerian President, Bola Tinubu has taken some significant policy changes, coupled with a decline in the production of oil compelling Nigerians to grapple with inflation and a plunge in the value of the naira.

Written by: Helen Obih

Rate it

Previous post

World

Israel Request $10 billion Assistance from US

Israel has asked the United States for $10 billion in emergency aid amid the escalation of the Palestinian-Israeli conflict. According to report on Monday, the White House is preparing an assistance package for Israel, which also contains aid to Ukraine, funding to reinforce the U.S.-Mexico border, and aid to Taiwan. On Sunday, U.S. Secretary of State Antony Blinken said that Washington was considering Israel’s requests for additional military aid to […]

today10/17/2023 9

Post comments (0)

Leave a reply

Your email address will not be published.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

0%
Our customer support team is here to answer your questions.
error: Alert: Content is protected !!