AfricaEconomyWorld Bank’s Prediction of Nigeria’s 2021 Growth Rises From 1.8 to 2.4%

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The World Bank has projected that Nigeria’s economy could expand by 2.4 percent this year.

The new projection is significantly higher than the 1.8 percent forecasted by the bank earlier this year.

According to World Bank, within Africa, economic recovery will be multi-speed.

The projection was documented by the bank in a report titled ‘Climate change adaption and economic transformation in Sub-Saharan Africa’.

World Bank cited Angola, Nigeria, and South Africa as the largest economies in the continent, noting that they are expected to emerge from the 2020 recession at different paces.

“Nigeria is expected to grow by 2.4 percent in 2021, supported by the service sector,” the report said.

“Angola is expected to grow by 0.4 percent in 2021, after five consecutive years of recession. The country is still battling to gain momentum, with elevated debt levels and the weak performance of the oil industry.

“South Africa is projected to grow by 4.6 percent in 2021, reflecting better performance in services, industry, and somewhat agriculture. The country provided stimulus to support businesses and households that were affected by the pandemic as well as by riots and lootings that mostly affected the Kwazulu-Natal and Gauteng provinces.

“In Sub-Saharan Africa, the economy is set to expand by 3.3 percent in 2021, one percentage point higher than the forecast of the April 2021 Africa’s Pulse, with projections for 2022 and 2023 just below 4 percent.

“While our growth forecast is on the upper bound of the interval projected in the April 2021 Africa’s Pulse, the rebound remains weaker than growth in advanced economies and emerging markets, reflecting subdued investment in Sub-Saharan Africa.

“The rebound in private consumption observed in the first half of 2021 is likely to be subdued in the second half of the year due to the third wave of COVID-19 in large economies,” the report said.

The World Bank said a faster vaccine deployment would accelerate growth to 5.1 percent in 2022 and 5.4 percent in 2023 in Sub-Saharan Africa.

Beloved John (Staff Writer)

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