By Concise News Correspondents
The World Bank has predicted Nigeria’s recovery from recession in 2017, as it foresees growth in the country’s Gross Domestic Product by one per cent
According to the bank, Sub-Saharan African growth is expected to pick up modestly to 2.9 per cent this year. This is because the region is still adjusting 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 bank’s January 2017 Global Economic Prospects report also foresees growth in the advanced economies rising up to 1.8 per cent.
It further stated that fiscal stimulus in major economies, especially in the United States, could generate quicker domestic and global increase than projected, although rising trade protection could have adverse effects.
It was reported that 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.
It is also predicted that emerging market and developing economy commodity exporters would expand by 2.3 per cent in 2017.