The World Bank, on Tuesday, revised its growth projection for Nigeria’s economy in 2021 to 1.8 per cent, up from 1.1 per cent it said in January.
In its June 2021 Global Economic Prospects, titled, “Global Recovery Strong but Uneven as Many Developing Countries Struggle with the Pandemic’s Lasting Effects,” it added that this would edge up to 2.1 per cent in 2022.
“The global economy is expected to expand 5.6 per cent in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies.
“However, many emerging markets and developing economies continue to struggle with the COVID-19 pandemic and its aftermath, the World Bank says in its June 2021 Global Economic Prospects.”
Despite the recovery, World Bank explained that global output will be about 2 per cent below pre-pandemic projections by the end of 2021.
“Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies.
“Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges.
The report predicted the 1.8 per cent 2021 projection for Nigeria is on assumption that oil prices will continue to rise, a gradual implementation of structural reforms in the oil sector, and a market-based flexible exchange rate management.
“The expected pickup is also predicated on continued vaccinations in the second half of this year and a gradual relaxation of COVID-related restrictions that will allow activity to improve,” the report said.
“Nonetheless, output in Nigeria is not expected to return to its 2019 level until end-2022.”
Globally, World Bank forecasted a 5.6 per cent in 2021 — the fastest post-recession pace in 80 years — mainly on strong rebounds from a few major economies.
In Sub-Saharan Africa, economic activity is projected to rise by 2.8 per cent in 2021 and 3.3 per cent in 2022 as countries continue to struggle with the COVID-19 pandemic and its aftermath.
“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” David Malpass, World Bank Group president, said.
“Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries.
“As the health crisis eases, policymakers will need to address the pandemic’s lasting effects and take steps to spur green, resilient, and inclusive growth while safeguarding macroeconomic stability.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
No! TETFund Not Offering Nigerian Students N20,000 Grant
CLAIM: A website claims that the Tertiary Education Trust Fund (TETFund) is offering Nigerian students N20,000 grant. This is being sent to unsuspecting students as a bulk SMS with the name Tetfund2021.Nigeria’s GDP to grow by 1.8 per cent in 2021 ― World Bank
Nigeria’s GDP to grow by 1.8 per cent in 2021 ― World Bank
and then