Analysis by Region - Emerging Markets - Nigeria
Real GDP growth surprised to the upside in Q3, supported by a sound performance in Nigeria's services economy. Although the November purchasing managers' index reading points to persistent hardship in the country's private sector, economic activity should benefit from improved demand in the final quarter of the year. We now expect the Nigerian economy to grow at a faster clip in 2024 and 2025 than our previous forecasts on the back of looser monetary policy, easing price pressures, and improved oil production over the short term.
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