Nigerian economy to grow by 1% in 2017 - World Bank

- The World Bank has released a report of projected growth of global economies for the year 2017

- The global financial institution names Nigeria, South Africa and Angola as countries expected to experience economic growth in the Sub-Saharan African region

Nigeria will get out of recession, and grow its gross domestic product (GDP) by one percent in 2017, according to a global economic report by the World Bank.

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The World Bank said in a report released on Tuesday, January 10, that the global economy will accelerate moderately to 2.7 percent in 2017.

According to the report: “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."

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The global financial institution also forecasted economic growth for countries in South Asia, Europe, Central Asia, Latin America, Caribbean, Middle East and North Africa among others.

Meanwhile, the projected growth on the Nigerian economy by the world bank comes shortly after the International Monetary Fund (IMF) projected that Nigeria’s economy will be out of recession in 2017, growing by 0.6 per cent.

Source: Legit.ng