Tuesday, March 2African Business News
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Tag: Ayhan Kose

Nigeria’s economy to grow by 1.1% this year, says World Bank

Nigeria’s economy to grow by 1.1% this year, says World Bank

Business
•Act fast to prevent debt crises, developing countries warned The economy could recover from last year’s COVID-19 losses in the next 12 months if vaccination spread across the globe this year as expected, projections by the World Bank have suggested. The Bank projected, in its January 2021 Global Economic Prospects released yesterday, that Nigeria’s economy will grow by 1.1 per cent this year just as the global growth is expected to expand by 4 per cent. The growth forecast is just 30 basis points lower than -4.3 per cent gross domestic product (GDP) lost to COVID-19 last year. The bank, however, said the recovery could be subdued unless policymakers move decisively to tame the pandemic and implement investment-enhancing reforms. According to the Bretton Woods institution, the...