Nigeria's economy is expected to grow at a faster rate than South Africa's in the 2018 fiscal year.
"Growth outturns in the first quarter of 2017 were higher than the April WEO forecasts in large emerging and developing economies such as Brazil, China, and Mexico, and in several advanced economies including Canada, France, Germany, Italy, and Spain", the update said.
These projections are in contrast to growth outcomes in 2016, where Nigeria's economy contracted by 1.6 percent, while South Africa's expanded by 0.3 percent. Projections for 2017 put South Africa's growth at 1%, while Nigeria is expected to muster just 0.8%, AllAfrica reported.
Global output growth is expected to remain on-track in 2017 and 2018, new figures show, thanks to the macroeconomic implications of policy changes in the world's two largest economies - the United States and China.
"In Sub-Saharan Africa, the outlook remains challenging".
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"The slight upward revision to 2017 growth relative to the April 2017 WEO forecast reflects a modest upgrading of growth prospects for South Africa, which is experiencing a bumper crop due to better rainfall and an increase in mining output prompted by a moderate rebound in commodity prices".
The IMF stated that elevated political uncertainty and weak consumer and business confidence possess difficulty for South Africa whose growth forecast was marked down for 2018.
Earlier in April, owing to the impact of the demonetisation drive which was rolled out by the Prime Minister Narendra Modi led-government on November 9 2016, the International Monetary Fund had trimmed India's annual growth forecast by 0.4 percentage points to 7.2 per cent for 2017.
According to the WEO update, inflation in advanced economies remains subdued and generally below target and has been declining in several emerging economies such as Brazil, India and Russian Federation too. The national long-term rating has been affirmed at 'AA+', with a stable outlook.
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