As the trade war between the two largest economies in the world, the United States of America and China, threatens to cause another recession, credit rating firm, Moody's says the Nigerian economy is too weak to make spending cuts if another shock hits.
Moody's noted that all the countries in focus were at weaker starting positions, in defending themselves against a recession. It attributes this to an increase in public debts by the 17 economies. The agency added that the falling prices of raw materials like crude oil, and weak investor confidence will increase the cost of borrowing for these economies in the near future.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: