Nigeria Economic Outlook for 2020: Providing Basis for Effective Strategizing

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PRESIDENT BUHARI PRESIDES OVER FEC . R-L; President Muhammadu Buhari, Vice President Yemi Osinbajo, Perm Secretary Dr Habitat Lawal and Chief of Staff, Mal Abba Kyari during the Federal Executive Council Meeting held at the Council Chambers State House. PHOTO; SUNDAY AGHAEZE/ NOV 8 2017

Global Economy in 2019

HIGHLIGHTS

  • Global growth is expected to weaken to 3.00% by the end of 2019, driven by the economic slowdown in both Advanced and Emerging Economies – IMF WEO, Oct. 2019
  • In advanced economies, growth in 2019 is expected to settle at 1.7% as against 2.3% in 2018, while in Emerging Markets and Developing Economies (EMDEs), growth is expected to print at 3.9% as against 4.5% in 2018.
  • Growth of merchandise trade is expected to ease to 2.60% in 2019 (from 3.00% in 2018), while global liquidity level is expected to rise to 15.50% from a contraction point of 8.20% in 2018.

Global Oil Market in 2019

  • Global daily average crude oil demand increased by a marginal 1% in 2019 to 99.8mb/d. The same growth rate is expected in 2020 due to projected weak growth of global demand
  • Despite efforts by OPEC and its ally, Russia, to stabilize oil prices through series of output cuts, oil price outlook still remains on the downside due to the rapid and sustained increase in U.S. shale crude oil production (also known as WTI) amid a weak rise in global demand.
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Download the full Nigeria Economic Outlook for 2020 Report from GTI Research here