The International Monetary Fund (IMF) also known as the The Fund, says Ghana will grow at 0.9 per cent for the remaining quarter of 2020.
The growth rate, forecasted by the IMF is contained in its October 2020 World Economic Outlook Report.
The Fund’s projection falls slightly below that of Fitch Solution’s 1.3 per cent growth rate for Ghana in the remaining quarter.
Moving forward into 2021, the IMF projects a 4.2 per cent Gross Domestic Product (GDP) growth rate for the country on the back of expected significant jump in economic activities.
With the exception of Ivory Coast (1.8%), Ethiopia (1.9%), Kenya (1.0%) and Tanzania (1.9%), the country’s projected growth rate means it will outperform some other 46 Sub-Saharan African countries.
The Continent’s growth rate however, is projected to contract by 3 per cent with South Africa (-8.0%) and Nigeria (-4.3%) recording huge negative growth rates.
Global growth rate
The International Monetary Fund said global growth is projected at –4.4% in 2020, 0.8 percentage point above the June 2020 World Economic Outlook Report Update forecast.
“The stronger projection for 2020 compared with the June 2020 WEO Update reflects the net effect of two competing factors: the upward impetus from better-than-anticipated second quarter GDP outturns (mostly in advanced economies) versus the downdraft from persistent social distancing and stalled reopening in the second half of the year.”
Global growth is however projected at 5.2 percent in 2021, 0.2 percentage point lower than in the June 2020 WEO Update.
“The projected 2021 rebound following the deep 2020 downturn, implies a small expected increase in global GDP over 2020–21 of 0.6 percentage point relative to 2019,” the Fund said.
