NDIC Quarterly Vol. 35 No. 12 2020 Article Review of Macroeconomic Developments in q1 and q2 2020
Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
Nigeria Deposit Insurance Corporation
Abstract
- Macroeconomic Conditions; 2.2 Domestic Economic Conditions; 3. CBN Monetary Policy and Circulars;
Description
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.