World Bank -‘Nigeria will get out of recession in 2017’

The World Bank has in a statement on Wednesday predicted that Nigeria will get out of recession and grow its Gross Domestic Product(GDP) by 1% this year after plunging into its worst recession in over two decades. According to the statement, “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 World Bank’s January 2017 Global Economic Prospects report also projected that growth in the advanced economies would edge up to 1.8 per cent in the current year.