Nigeria Ranks Among Countries With Little Economic Growth – World Bank


Nigeria Ranks Among Countries With Little Economic Growth – World Bank
The World Bank has classified Nigeria among other 18 countries whose economy did not record any growth since 1995.

This was revealed in the bank’s latest edition of its Africa’s Pulse that was released on Monday.

The other 18 countries are Angola, Burundi, Botswana, the Republic of Congo, Comoros, Gabon, Equatorial Guinea, Liberia, Lesotho, Mauritania, Malawi, Namibia, Sierra Leone, Eswatini, Chad, South Africa, Zambia, and Zimbabwe.

The report compared the average annual Gross Domestic Product (GDP) growth rates of the countries between during 1995–2008 and 2015–2018.

“These countries did not show any progress in their economic performance from 1995–2008 to 2015–18,” the report read.

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“These thresholds correspond to the bottom and top terciles of the annual average growth rates across 44 Sub-Saharan African countries between 1995 and 2008 (that is, 3.5 and 5.4 per cent, respectively).

“If a country’s economic performance declined from 1995–2008 to 2015–18, the country is categorised in the bottom tercile, which includes “falling behind” and “slipping,” it added.

Nigeria Ranks Among Countries With Little Economic Growth – World Bank

The Bank downgraded growth in Sub-Saharan Africa to 2.3 per cent for 2018, down from 2.5 per cent in 2017.

It noted that economic growth remains below population growth for the fourth consecutive year in the continent, adding that although regional growth was expected to rebound to 2.8 per cent in 2019, it would have remained below three per cent since 2015.

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“This issue of Africa’s Pulse also looks at how fragility is holding back sub-Saharan Africa, and how the digital economy can help the continent move forward.

“The digital transformation can increase growth by nearly two percentage points per year and reduce poverty by nearly one percentage point per year in sub-Saharan Africa alone. This is a game-changer for Africa,” said Albert Zeufack, World Bank Chief Economist for Africa.

According to the Bank, the slower-than-expected overall growth reflected ongoing global uncertainty but increasingly comes from domestic macroeconomic instability including poorly managed debt, inflation, and deficits; political and regulatory uncertainty; and fragility that is having visible negative impacts on some African economies. It also belies stronger performance in several smaller economies that continue to grow steadily, it stated.

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“In Nigeria, growth reached 1.9 per cent in 2018, up from 0.8 per cent in 2017, reflecting a modest pick-up in the non-oil economy. South Africa came out of recession in the third quarter of 2018, but growth was subdued at 0.8 per cent over the year, as policy uncertainty held back investment. Angola, the region’s third-largest economy, remained in recession, with growth falling sharply as oil production stayed weak,” it added

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