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Nigeria, others to experience economic growth, exit recession this year—W/bank

World Bank Wednesday released a report that suggests that Nigeria will exit recession before the end of this year as South Africa, and Angola will alongside Nigeria experience strong economic growth.

The global economic report by the World Bank said Nigeria will get out of recession, and grow its gross domestic product (GDP) by one percent in 2017, noting that the global economy will accelerate moderately to 2.7 percent in 2017.

World Bank said “Sub-Saharan African growth is expected to pick up modestly to 2.9 percent in 2017 as the region continues to adjust to lower commodity prices.

“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 percent pace this year.

 “Nigeria is forecast to rebound from recession and grow at a 1 percent pace. Angola is projected to expand at a 1.2 percent pace.”

Additional report of the bank stressed that better economic growth for countries in South Asia, Europe, Central Asia, Latin America, Caribbean, Middle East and North Africa among others.

The World Bank report seems to run in tandem with the latest presentation of the International Monetary Fund (IMF) which had projected that Nigeria’s economy will be out of recession in 2017, growing by 0.6 per cent.

However, indigenous financial analysts are of the view that beyond World Bank and IMF forecasts, government must put right monetary and fiscal policies before the exit from recession will be sustainable.