Global Economic Review & Outlook 

Since the publication of our 2021 Nigerian Banking Sector report – “Resilience Amidst Endemic and Pandemic Constraints”, the initial bullish projections for 2022 have been undermined by deteriorating fundamentals. More recently, the IMF noted that the World's real GDP contracted in the second quarter of 2022. The increasingly gloomy projections have been the upshot of mounting downside risks, further inhibiting a world economy yet to fully shrug off the impact of the pandemic. Consequently, the IMF downgraded its global growth projections for the third consecutive time in 2022. In the October 2022 edition of the World Economic Outlook (WEO), the IMF projected that the world economy would grow by 3.2% in 2022 (2021: 6.0%) on the back of slower growth across both the Advanced Economies (AEs) and the Emerging and Developing Economies (EMDEs).