The nation recorded a contraction of 3.62 percent in the third quarter of 2020. The development was blamed on the coronavirus pandemic and the crash in the global oil price. However, Nigeria is not the only country that has slipped into recession, according to a report by The Cable. The newspaper, citing data from S&P, reported that only China, Chile, and Sweden did not report a recession among the 34 economies in the world with a GDP of more than $200 billion.
List of 40 countries experiencing a recession in 2020. Photo credit: Femi Adesina Source: Facebook The 40 countries listed below are those currently experiencing a recession, according to The Cable.
This recession could have been avoided if you heed my advice – Atiku tells Buhari, lists five key solutions Earlier, Haeldenent.com reported that Atiku Abubakar, Nigeria’s former vice president, said Nigeria’s recession could have been avoided if President Muhammadu Buhari had heeded the advice given by him and other Nigerians. Atiku said the recession could have been avoided if the Buhari-led government had taken three key steps he advised. The steps the federal government failed to take which led to the recession, according to Atiku, include cutting the cost of governance, saving for a rainy day and avoiding profligate borrowing.