{"id":55222,"date":"2022-01-11T20:59:37","date_gmt":"2022-01-11T19:59:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=55222"},"modified":"2022-01-11T20:59:37","modified_gmt":"2022-01-11T19:59:37","slug":"world-bank-forecasts-nigerias-economy-to-grow-by-2-5-in-2022","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/world-bank-forecasts-nigerias-economy-to-grow-by-2-5-in-2022\/","title":{"rendered":"World Bank Forecasts Nigeria\u2019s Economy To Grow By 2.5% In 2022"},"content":{"rendered":"

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The World Bank says the Nigerian economy is expected to grow by 2.5 percent in 2022, up from an estimated 2.4 percent growth in 2021.<\/p>\n

The Washington-based institution disclosed this in its latest Global Economic Prospects report released on Tuesday.<\/p>\n

The bank attributed the rebound to higher oil prices as well as accelerated growth in telecommunication and financial services.<\/p>\n

\u201cIn Nigeria, growth is projected to strengthen somewhat to 2.5 percent in 2022 and 2.8 percent in 2023,\u201d the report reads.<\/p>\n

\u201cThe oil sector should benefit from higher oil prices, a gradual easing of the Organization of the Petroleum Exporting Countries (OPEC) production cuts, and domestic regulatory reforms.<\/p>\n

\u201cActivity in service sectors is expected to firm as well, particularly in telecommunications and financial services. However, the reversal of pandemic-induced income and employment losses is expected to be slow; this, along with high food prices, restrains a faster recovery in domestic demand.<\/p>\n

\u201cActivity in the non-oil economy will remain curbed by high levels of violence and social unrest as well as the threat of fresh COVID-19 flare-ups with remaining mobility restrictions being lifted guardedly because of low vaccination rates \u2014 just about 2 percent of the population had been fully vaccinated by the end of 2021.\u201d<\/p>\n

According to the report, new threats from COVID-19 variants and a rise in inflation, debt, and income inequality could endanger the recovery in emerging and developing economies.<\/p>\n

It further predicted that per capita income is expected to be lower in 2022 than a decade ago in countries such as Angola, Nigeria, and South Africa.<\/p>\n

\u201cAfter barely increasing last year, per capita incomes are projected to recover only at a subdued pace, rising 1.1 percent a year in 2022-23, leaving them almost 2 percent below 2019 levels,\u201d the report reads.<\/p>

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\u201cIn South Africa and Nigeria, per capita incomes are projected to remain more than 3 percent below pre-pandemic levels in 2023.<\/p>\n

The report also said that global growth is expected to decelerate markedly from 5.5 percent in 2021 to 4.1 percent in 2022, then 3.2 percent in 2023.<\/p>\n

Speaking on the development, David Malpass, World Bank president, said the world economy is simultaneously facing COVID-19, inflation, and policy uncertainty, with government spending and monetary policies in uncharted territory.<\/p>\n

\u201cRising inequality and security challenges are particularly harmful to developing countries,\u201d he added.<\/p>\n

\u201cPutting more countries on a favourable growth path requires concerted international action and a comprehensive set of national policy responses.\u201d<\/p>\n

The World Bank said the rapid spread of the Omicron variant suggested the pandemic will likely continue disrupting economic activity in the near term.<\/p>\n

It said that a notable deceleration in the world\u2019s two biggest economies \u2013 the US and China \u2014 would reduce exports from emerging and developing economies.<\/p>\n

\u201cAt a time when governments in many developing economies lack the policy space to support activity if needed, new Covid-19 outbreaks, persistent supply-chain bottlenecks and inflationary pressures, and elevated financial vulnerabilities in large swathes of the world could increase the risk of a hard landing,\u201d the report adds.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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