Saturday, 16 October 2021

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WORLD BANK: Nigeria’s GDP to grow by 2.5% in 2018

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The World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.

 

Meanwhile according to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product is expected to grow by 2.8 per cent in 2019 and 2020.

The World Bank forecast that global economic growth will go up to 3.1 per cent in the year 2018.

According to the bank, growth in Sub-Saharan Africa is projected to continue to rise to 3.2 per cent in 2018 and to 3.5 per cent in 2019, on the back of firming commodity prices and gradually strengthening domestic demand.

However, the report showed that growth would remain below pre-crisis averages, partly reflecting a struggle in larger economies to boost private investment.

The World Bank called on policy makers around the world to focus on human investments to increase their countries’ productivity, and move closer to the goals of ending extreme poverty and boosting shared prosperity.

 

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