Nigerian economy to grow by 1% in 2017 – World Bank

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The World Bank on Wednesday estimated that Nigeria will escape recession in 2017.

It likewise said the nation will develop its Gross Domestic Product one per cent within 12 months.

An announcement on World Bank’s January 2017 Global Economic Prospect

noticed that “Sub-Saharan African development is relied upon to get humbly to 2.9 for each penny in 2017 as the area keeps on changing in accordance with lower product costs.

“Growth in South Africa and oil exporters is expected to be weaker, while growth in economies that are not natural-resource intensive should remain robust.

“Growth in South Africa is expected to edge up to a 1.1 per cent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 per cent pace. Angola is projected to expand at a 1.2 per cent pace.”

The report projected that growth in the advanced economies would edge up to 1.8 per cent in the current year.

World Bank said growth in emerging market and developing economies as a whole ought to get to 4.2 per cent this year from 3.4 for per cent in the year simply finished in the midst of unassumingly rising product costs.

It, however, stressed that the outlook was clouded by uncertainty about policy direction in major economies.

Remarking on the report, President, World Bank Group, Jim Yong Kim, stated, “After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon.

“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.”

He lamented recent weakening of investment growth in the emerging markets and developing economies, which accounted for one-third of the global GDP and about three quarter of the world’s population and the poor.