IMF cuts throws caution to the wind, Naira manages to stay stable   

10 April 2019 : A sense of caution lingered across financial markets after the International Monetary Fund (IMF) cut its global economic growth projection for 2019, to 3.3% from 3.5%.

Risks revolving around US-China trade talks and Brexit have played a leading role in the IMF’s decision to downgrade growth forecasts to their lowest rate since the financial crisis of 2008. Growth forecasts for sub-Saharan Africa this year were also trimmed, to 3.5% from the 3.8% set last October.

Interestingly, the IMF upgraded Nigeria’s growth forecast this year, to 2.1% from the 2.0% forecast made in January. With the nation on a mission to diversify away from Oil reliance and macroeconomic conditions stabilizing, the outlook remains encouraging. With no major economic reports expected from Nigeria this week, the Naira and local stock markets may be influenced by external drivers.

Source: Lukman Otunuga, FXTM Research

Reporting for EasyKobo on Wednesday , 10 April 2019 in Lagos, Nigeria

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