World Bank Predicts Nigeria’s GDP Growth by 1%
The World Bank has predicted that Nigeria could get out of its economic recession and grow its gross domestic product (GDP) by one percent in 2017.This is as the bank projected that the global economy will accelerate moderately to 2.7 percent in 2017.
According to it, “Sub-Saharan African growth is expected to pick up modestly to 2.9 percent in 2017 as the region continues to adjust to lower commodity prices”
“Growth in South Africa and oil exporters is expected to be weaker, while growth in economies that are not natural-resource intensive would remain robust.”
“Growth in South Africa is expected to edge up to a 1.1 percent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 percent pace. Angola is projected to expand at a 1.2 percent pace.”
Recall that Godwin Emefiele, governor of the Central Bank of Nigeria and Kemi Adeosun, the Minister of Finance, had both said that Nigeria will recover in the 2017 fiscal year.
According to the World Bank’s January 2017 Global Economic Prospects report, growth in advanced economies is expected to edge up to 1.8 percent in 2017. Fiscal stimulus in major economies— particularly in the United States—could generate faster domestic and global growth than projected, although rising trade protection could have adverse effects.
Growth in emerging market and developing economies as a whole should pick up to 4.2 percent this year from 3.4 percent in the year just ended amid modestly rising commodity prices.
However, there are uncertainty about policy direction in major economies. “After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon” Jim Yong Kim, World Bank Group president said.
“Now is the time to take advantage of this momentum and increase investments in infrastructure and people. This is vital to accelerating the sustainable and inclusive economic growth required to end extreme poverty.”