Finance

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

Nigeria will get out of recession, and grow its gross domestic product (GDP) by one per cent in 2017, according to a global economic report by the World Bank.

In a report released last Tuesday, January 10, 2016, the World Bank explained that the global economy will accelerate moderately to 2.7 per cent in 2017.

“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 explained.

The global financial institution also forecasted economic growth for countries in South Asia, Europe, Central Asia, Latin America, Caribbean, Middle East and North Africa among others.

Source: Tribune

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