12 January 2017
Nigerians who are worried about the economic recession the country is currently facing can take solace in the World Bank prediction that Nigeria will rebound in 2017.
This prediction was made on Wednesday in a statement on World Bank’s January 2017 Global Economic Prospect.
It was predicted that Nigeria’s Gross Domestic Product (GDP) will grow by one per cent within 12 months.
In a general look at the African economy, the statement stated that “Sub-Saharan African growth is expected to pick up modestly to 2.9 per cent 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 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 while growth in emerging market and developing economies as a whole should pick up to 4.2 per cent this year from 3.4 per cent in the year just ended amid modestly rising commodity prices.
It, however, stressed that the outlook was clouded by uncertainty about policy direction in major economies.