• About Us
  • AKIP
  • Live TV
  • Our Programs
  • Latest News
    • Church News
    • Politics
    • World News
    • Security
  • Airtime
  • From GM’s Desk
  • Church of Nigeria
  • Contact
Facebook Twitter Instagram
  • AKIP
  • From GM’s Desk
  • Live TV
Facebook Twitter Instagram
Advent Cable Network Nigeria Advent Cable Network Nigeria
  • Home
  • About Us
  • AKIP
  • Latest News
    • Church News
    • Politics
    • Security
    • World News
    • Sports
  • Live TV
  • Our Programs
  • Airtime
  • Church of Nigeria
  • Contact
Donate
Advent Cable Network Nigeria Advent Cable Network Nigeria
Home»Business/Economy»WORLD BANK PREDICTS MODEST RECOVERY FOR SUB-SAHARAN AFRICA 2017
Business/Economy

WORLD BANK PREDICTS MODEST RECOVERY FOR SUB-SAHARAN AFRICA 2017

ACNNTVBy ACNNTVOctober 11, 2017No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp

The World Bank has projected that Sub-Saharan Africa would record modest economic growth recovery of 2.4 per cent in 2017 after the region grew by just 1.3 per cent in 2016.

In its new Africa’s Pulse, a bi-annual analysis of the state of African economies, the World Bank however warns that the pace of the recovery remains sluggish and will be insufficient to lift per capita income in 2017.

Albert Zeufack, World Bank Chief Economist for Africa, said most countries do not have significant wiggle room when it comes to having enough fiscal space to cope with economic volatility.

“It is imperative that countries adopt appropriate fiscal policies and structural measures now to strengthen economic resilience, boost productivity, increase investment, and promote economic diversification,” Zeufack said in the report released in Nairobi.

The World Bank said the economic rebound is led by the region’s largest economies.

In the second quarter of this year, Nigeria pulled out of a five-quarter recession and South Africa emerged from two consecutive quarters of negative growth.

The Pulse says improving global conditions, including rising energy and metals prices and increased capital inflows, have helped support the recovery in regional growth.

“Growth continues to be multispeed across the region. In non-resource intensive countries such as Ethiopia and Senegal, growth remains broadly stable supported by infrastructure investments and increased crop production,” says the report.

The Africa’s Pulse notes that headline inflation slowed across the region in 2017 amid stable exchange rates and slowing food price inflation due to higher food production.

It says fiscal deficits have narrowed, but continue to be high, as fiscal adjustment measures remain partial.

“As a result, government debt remains elevated. Across the region, additional efforts are needed to address revenue shortfalls and contain spending to improve fiscal balances.”

The World Bank said Sub-Saharan Africa is projected to see a moderate increase in economic activity, with growth rising to 3.2 per cent in 2018 and 3.5 per cent in 2019 as commodity prices firm and domestic demand gradually gains ground, helped by slowing inflation and monetary policy easing.

However, growth prospects will remain weak in the Central African Economic and Monetary Community (CEMAC) countries as they struggle to adjust to low oil prices.

The report says economic expansion in West African Economic and Monetary Union countries is expected to proceed at a strong pace on the back of solid public investment growth, led by Cote d’Ivoire and Senegal.

“The outlook for the region remains challenging as economic growth remains well below the pre-crisis average,” said Punam Chuhan-Pole, World Bank Lead Economist and lead author of the report.

“Moreover, the moderate pace of growth will only yield slow gains in per capita income that will not be enough to harness broad-based prosperity and accelerate poverty reduction.”

According to the report, growth is forecast to firm in Tanzania on a rebound in investment growth and recover in Kenya, as inflation eases.

Ethiopia, the report says, is likely to remain the fastest-growing economy in the region, although public investment is expected to slow down.

Analysis shows that rising capital accumulation has been accompanied by falling efficiency of investment spending in countries where economic growth has been less resilient to exogenous shocks.

This suggests that the inefficiency of investment, which reflects insufficient skills and other capabilities for the adoption of new technologies, distortive policies, and resource misallocation, among other things, will need to be reduced if countries are to capture fully the benefits of higher investment.

The report says investing in the foundational skills of children, youth, and adults is the most effective strategy to enhance productivity growth, inclusion, and adaptability simultaneously.

“Thus, all countries should prioritise building universal foundational skills for the workers of today and tomorrow,” says the report, which also notes that as African countries seek new drivers of sustained inclusive growth, attention to skills building is growing.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp

Related Posts

Naira Devaluation Fake News – CBN

June 1, 2023

Berger Shareholders Approve N202m as Dividends

May 25, 2023

NNPC Resumes Oil Drilling in Borno

May 24, 2023
Add A Comment

Leave A Reply Cancel Reply

Recent Posts

Tribunal Admits Exhibits From 6 More States Against Tinubu’s Election

June 2, 2023

President Tinubu Names Gbajabiamila Chief Of Staff, Akume SGF

June 2, 2023

NNPCL Increases Official Fuel Pump Price To N537 Per Litre

May 31, 2023

Fuel Crisis: Marketers Confirm Petrol Price Hike To Over N500 Per Litre

May 31, 2023

Fuel Subsidy: Reps Ask Nigerians To Be Prayerful

May 30, 2023
Advent Cable Network Nigeria

ACNNTV is the Televangelism arm of the Church of Nigeria (Anglican Communion) with focus to keep the orthodox faith alive through development of inspiring and life changing broadcast products.

Facebook Twitter Instagram
Quick Links
  • About Us
  • AKIP
  • Board of Management
  • Contact
  • Privacy Policy
Quick Links
  • Our Programs
  • Program Rates
  • From GM’s Desk
  • Live TV

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 Anglican Cable Network Nigeria,Abuja. Designed by Dominion Web.

Type above and press Enter to search. Press Esc to cancel.