NDIC Quarterly Vol. 35 No. 12 2020 Article Review of Macroeconomic Developments in q1 and q2 2020
Nigeria Deposit Insurance Corporation
- Macroeconomic Conditions; 2.2 Domestic Economic Conditions; 3. CBN Monetary Policy and Circulars;
In Q2 2020, the COVID-19 pandemic continued from Q1, 2020 to cause unparalleled deteriorations in global economic activity due to lockdown and other social distancing measures. . The measures introduced to contain the spread of the terrible COVID-19 disease have been necessary, but have had severe economic and financial consequences. Global growth is projected at -4.9% in 2020 by the IMF, 1.9 percentage points below the April 2020 WEO forecast while global growth is projected at 5.4% in 2021 against 5.0% in the April 2020 WEO forecast. As with most other economies across the global, Nigeria's Gross Domestic Product (GDP) decreased by -6.10%(year-on-year) in real terms in the Q2 2020, ending the 3-year trend of positive but low real growth rates observed since the 2016/17 recession.