“As we enter the year 2023, the global economy, beyond the mounting uncertainties, may continue to face a confluence of challenges. From persistently high inflation and aggressive global monetary policy tightening to the continued disruptions caused by the Russia-Ukraine war and the energy crisis, weak consumer demand and political upheavals,” it stated.“The Nigerian economy in 2022 recorded growth in the first three quarters but slowed down from 3.54 per cent in Q2 to 2.25 per cent in Q3.
It added that with several shocks suffered by many economies and over a greater portion of 2022, various projections and analyses of economic conditions across regional blocs point to the likelihood of a recession or a significant slowdown of growth in 2023 due to spiralling inflation, high energy cost, monetary policy tightening, and weakening consumer demand. Global growth, though positive, slowed down by about 50 per cent between 2019 and 2022.All rights reserved.