fbpx Nigeria Exited Recession ‘Faster Than Expected’, Says World Bank - | Newsbreak Nigeria
  • About Us
  • Advertise
  • Contact Us
Wednesday, February 1, 2023
  • Login
  • Register
  • Home
  • News
    • Breaking News
    • International
    • Education
    • Crime/Judiciary
    • Politics
  • Business
    • News
    • Economy
    • Brands and Marketing
  • Lifestyle
    • Sex
    • Events And Places
    • Fashion and Beauty
    • Health
  • Opinion
  • Love & Life
  • Sport
    • Football
    • Boxing
    • Tennis
  • Entertainment
  • Yarn CentralHot
No Result
View All Result
Newsbreak.ng
  • Home
  • News
    • Breaking News
    • International
    • Education
    • Crime/Judiciary
    • Politics
  • Business
    • News
    • Economy
    • Brands and Marketing
  • Lifestyle
    • Sex
    • Events And Places
    • Fashion and Beauty
    • Health
  • Opinion
  • Love & Life
  • Sport
    • Football
    • Boxing
    • Tennis
  • Entertainment
  • Yarn CentralHot
No Result
View All Result
Newsbreak.ng
No Result
View All Result

Nigeria Exited Recession ‘Faster Than Expected’, Says World Bank

Gabriel Ntoka by Gabriel Ntoka
2 years ago
in Economy, News
Reading Time: 2 mins read
0 0
A A
0
0
SHARES
Share on FacebookShare on TwitterShare on WhatsappShare on Reddit
ADVERTISEMENT

The World Bank has said Nigeria moved out of recession faster than its forecasts had predicted.

“Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy contracted by 3.6 percent in 2020 Q3, and expanded by 0.1 percent in 2020 Q4, moving out of recession faster than expected,” the bank said in its Africa’s Pulse, a biannual analysis of the near-term macroeconomic outlook for the region published in April.

“For the year, Nigeria’s real GDP is estimated to have contracted by 1.8 percent, a stronger outturn than projected in the October 2020 forecast.”

YOU MAY ALSO LIKE

World Bank Projects Developing East Asia Pacific To Grow 5%

World Bank Report: Boko Haram Destroys One Million Buildings In Borno State

The bank also said it expects Nigeria’s economy to grow by 1.4 per cent in 2021 as the country continues to recover.

“Nigeria, South Africa, and Angola, the region’s three largest economies,
are expected to return to growth in 2021, partly owing to higher commodity prices, but the recovery will remain sluggish,” the bank

The bank added that Nigeria’s economic growth is expected to be slower than other countries in West Africa due to inflation, high unemployment and COVID-19.

The country’s growth will be “driven by telecommunications services, trade due to the gradual opening of borders, agriculture due to an additional influx of labor, and construction, in a context of higher oil prices and fewer mobility restrictions”, it said.

“However, consumer spending and business investment are likely to remain subdued in 2021 as double-digit inflation, high unemployment, and the slow rollout of the COVID-19 vaccine weigh on households’ real income and business confidence.

“Limited fiscal space will also constrain the recovery. Growth is projected to pick up to 2.1 percent in 2022 as rising oil output bolsters exports, and the rollout of the COVID-19 vaccine gathers pace, helping to boost private consumption and fixed investment.

“Progress on the liberalization of the exchange rate regime could boost private sector activity and support stronger economic growth.”

Tags: Existing recessionNigeraRecessionWorld Bank
ShareTweetSendShare
  • All Comments

    • All Comments
    • Positive
    • Negative
    • Neutral

Discussion about this post

Previous Post

Stefflon Don Deletes Pictures Of Her Boyfriend, Burna Boy, From Her Instagram Page

Next Post

Ibadan’s Largest Auto Parts Market Gutted By Fire

Next Post
Ibadan’s Largest Auto Parts Market Gutted By Fire

Ibadan's Largest Auto Parts Market Gutted By Fire

Popular News

  • Obi Cubana: My Late Mother Has Been Appearing In My Dream Asking For Reburial – Nollywood Actor

    Obi Cubana: My Late Mother Has Been Appearing In My Dream Asking For Reburial – Nollywood Actor

    6016 shares
    Share 2406 Tweet 1504
  • My Daughter Won’t Marry A Poor Man, Says Bill Gates

    5601 shares
    Share 2240 Tweet 1400
  • PICTURES: 12 Most Common Cars In Nigeria

    239 shares
    Share 96 Tweet 60
  • VIDEO: Woman Paraded Naked For Allegedly Killing Husband In Anambra

    3133 shares
    Share 1253 Tweet 783
  • +18 SEXTAPE: Watch Viral Video Of Popular Slay Queen Making Out With Dog In Dubai

    3057 shares
    Share 1223 Tweet 764
ADVERTISEMENT

About Newsbreak.ng

Newsbreak.ng is a publication of Platinum Crest Communications Limited. We are a broad-spectrum source of credible, useful and timely news, features and opinions, especially as they affect Nigerians at home and in the diaspora.

Recent News

  • 2023: Wike Denies Atiku Use Of Stadium For Rally
  • Lensview, CBN Tango Over Allegations Of Fraud In $54.2m First Bank’s Guarantee Transactions
  • 2023: Some People In Buhari’s Government Want Tinubu To Lose – El-Rufai

Receive News updates via Email

Enter your email address to subscribe to receive notifications of new posts by email.

Join 38 other subscribers.
  • About
  • advertise
  • Privacy & Policy

© 2013-2022 Newsbreak, a publication of Platinum Crest Communications Ltd

No Result
View All Result
  • Home
  • News
    • Breaking News
    • International
    • Education
    • Crime/Judiciary
    • Politics
  • Business
    • News
    • Economy
    • Brands and Marketing
  • Lifestyle
    • Sex
    • Events And Places
    • Fashion and Beauty
    • Health
  • Opinion
  • Love & Life
  • Sport
    • Football
    • Boxing
    • Tennis
  • Entertainment
  • Yarn Central

© 2013-2022 Newsbreak, a publication of Platinum Crest Communications Ltd

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.