{"id":35179,"date":"2019-10-09T19:17:07","date_gmt":"2019-10-09T18:17:07","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=35179"},"modified":"2019-10-09T19:17:07","modified_gmt":"2019-10-09T18:17:07","slug":"world-bank-reduces-nigerias-growth-forecast-by-0-1-per-cent","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/world-bank-reduces-nigerias-growth-forecast-by-0-1-per-cent\/","title":{"rendered":"World Bank Reduces Nigeria\u2019s Growth Forecast By 0.1 Per Cent"},"content":{"rendered":"<p>The World Bank on Wednesday revised Nigeria\u2019s economic growth for 2019 from 2.1 to 2.0 per cent.<\/p>\n<p>A report by\u00a0Reuters said that the revision was made in the institution\u2019s \u2018Africa\u2019s Pulse report for October.<\/p>\n<p>The New York-based global lender had in April predicted that the largest economy in Africa will grow by 2.1 per cent.<\/p>\n<p>The bank added that it expects Nigeria to grow by 2.1 per cent in 2020 and 2121 as well.<\/p>\n<p>The global lender said the reason for its lowered forecast for Nigeria is because, \u201cThe medium-term growth outlook continues to be constrained by a weak macroeconomic policy environment and slow policy implementation.\u201d<\/p>\n<p>It also blamed issues such as multiple exchange rates, foreign exchange restrictions, high inflation and low non-oil revenues as some of the hurdles to the economy\u2019s growth.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>Overall, the continent\u2019s projected economic growth is expected to reduce from the April prediction of 2.8 per cent to 2.6 per cent.<\/p>\n<p>It projects that the continent\u2019s economic mass will soar by 3.1 per cent in 2020 and 3.2 per cent in 2121.<\/p>\n<p>The bank however, noted that when the economic growth forecast of the three largest economies in Africa \u2013 Nigeria, South Africa and Angola, which make up 60 per cent of the continent\u2019s economic value, are subtracted from the equation, the remaining countries will grow by four per cent.<\/p>\n<p>This is a drop from the previous prediction of 4.4 per cent.<\/p>\n<p>The bank said the reason for its lowered expectation of the African economy was down to the trade war between the two largest economic players in the globe \u2013 China and the United States.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The World Bank on Wednesday revised Nigeria\u2019s economic growth for 2019 from 2.1 to 2.0 per cent.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":27257,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[3849],"coauthors":[2391],"class_list":["post-35179","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-world-bank-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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