World Bank predicts end of recession this year

The World Bank on Wednesday said Nigeria will get out of recession this year and grow its Gross Domestic Product by one per cent.

The bank in a statement said, “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.

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“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 report also said growth in Advanced countries will be around 1.8 per cent.

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