Facebook Twitter Instagram
    Trending
    • U-20 W’Cup: Nigeria Beat Argentina 2-0, Reach Quarter- Finals
    • Nintendo Ends Online Sales Of Games In Russia
    • National Assembly Compiles N30bn Lawmakers’ Severance Package
    • Reject Atiku’s BVAS Exhibits, Tinubu, INEC Tell Tribunal
    • Boat Operators Laud Tinubu Over Subsidy Removal
    • Ikeja Electric Web App Gets Upgrade
    • Students Protest As NASS Fails To Pass Anti-Sexual Harassment Bill
    • Sokoto To Pay Visiting Varsity Lecturers’ Outstanding Salaries
    Facebook Twitter Instagram YouTube
    Sync News NigSync News Nig
    • NEWS
      • Business & Economy
      • Politics
      • Banking & Finance
      • Tech & Innovation
      • Health
      • World
    • BRAND NEWS
    • SPORT
      • Football
      • Boxing
      • Basketball
    • ENTERTAINMENT
      • Celebrities
      • Music
      • Movies
    • FEATURED
    • TRAVELS & LIFESTYLE
      • Beauty &Health
      • Fashion
      • Food, Travel, Arts & Culture
      • Relationships & Weddings
    • SYNC TV
    Sync News NigSync News Nig
    Home»News»Business & Economy»Policy Uncertainty, Inflation To Slow Nigeria’s Economic Growth — World Bank
    Business & Economy

    Policy Uncertainty, Inflation To Slow Nigeria’s Economic Growth — World Bank

    Bolanle Oduekun-AyoolaBy Bolanle Oduekun-AyoolaJanuary 12, 2023Updated:January 12, 2023No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The World Bank has announced that Nigeria and other countries in Sub-Saharan Africa (SSA) will suffer increased poverty, higher debt, food insecurity, lower per capita income and other economic crises in 2023.

    This is even as the global crisis, rising rates and inflation have stalled global economic growth with some countries billed to enter recession, World Bank President, David Malpass, said in a statement on Wednesday.

    For Africa’s three largest economies (Nigeria, Angola and South Africa), the bank projected growth of 2.9 per cent, 2.8 per cent and 1.4 per cent respectively.

    However, the figure is lower than the projections by the federal government in the 2023 budget.

    The Finance Minister, Zainab Ahmed, last week during the public presentation of the N21.8 trillion budget for 2023, said Nigeria projects a 3.75 per cent growth this year in terms of the Gross Domestic Product (GDP).

    But the World Bank in its Nigeria Development Update (NDU) said the country’s economic growth was projected to decelerate to 2.9 per cent in 2023 and remain at that pace in 2024.

     It stated that the retarded growth projection was due to slow economic growth in the third quarter of 2022 because of weak performance in critical areas of the economy.

     The bank said policy uncertainty, sustained high inflation, and rising incidence of violence were anticipated to temper growth.

     “Growth in agriculture is expected to soften because of the damage from last year’s floods,” it said.

     It further said high borrowing costs, lower energy prices, a sluggish growth of oil production and a subdued activity in the non-oil sectors could weaken the nation’s fiscal position.

    The organisation said that the nation had to make hard choices or face a worse economic downturn in the months and years ahead.

     The World Bank further projected the global economy to grow by 1.7 per cent in 2023 and 2.7 per cent in 2024, adding that the sharp downturn in growth was expected to be widespread, with forecasts in 2023 revised down for 95 per cent of advanced economies and nearly 70 per cent of emerging market and developing economies.

    It said the slowed global growth rides on the back of elevated inflation, higher interest rates, reduced investment and disruptions caused by Russia’s invasion of Ukraine.

    “Growth in advanced economies is projected to slow from 2.5 per cent in 2022 to 0.5 per cent in 2023; excluding China, growth in emerging market and developing economies is expected to decelerate from 3.8 percent in 2022 to 2.7 per cent in 2023, reflecting significantly weaker external demand compounded by high inflation, currency depreciation, tighter financing conditions and other domestic headwinds,” the bank said.

    Inflation Nigeria World Bank
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Bolanle Oduekun-Ayoola

    Related Posts

    U-20 W’Cup: Nigeria Beat Argentina 2-0, Reach Quarter- Finals

    June 1, 2023

    Court Clears Tinubu For Inauguration, PDP, LP Ready For Legal Tussle

    May 27, 2023

    Nnamdi Kanu: Nigeria’s Democracy Under Threat, Says Primate Ayodele

    May 26, 2023

    Leave A Reply Cancel Reply

    Recent Posts
    • U-20 W’Cup: Nigeria Beat Argentina 2-0, Reach Quarter- Finals
    • Nintendo Ends Online Sales Of Games In Russia
    • National Assembly Compiles N30bn Lawmakers’ Severance Package
    • Reject Atiku’s BVAS Exhibits, Tinubu, INEC Tell Tribunal
    • Boat Operators Laud Tinubu Over Subsidy Removal
    Recent Comments
    • Exceptional Keto Diet on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • Keto Genics BHB on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • Exceptional Keto Diet on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • www.ortovivaistica.it on President Buhari Extends Eased COVID-19 Lockdown By Four Weeks
    • Total Perk Keto Reviews on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    Archives
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • March 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • December 2018
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Facebook-f Twitter Instagram
    • Banking & Finance
    • Business & Economy
    • Health
    • Politics
    • World
    • Tech & Innovation

    Copyright ©, 2020-2021 syncnewsng.com. All Rights Reserved