Nigeria Will Get out of Recession in 2017 – World Bank

The World Bank on Wednesday forecasted that Nigeria will get out of recession in 2017.

It also said the country will grow its Gross Domestic Product by one per cent within 12 months.

A statement on World Bank’s January 2017 Global Economic Prospect noted 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.

World Bank said 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.

Commenting 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.