The World Bank has forecasted that Nigeria’s economy is expected to grow by 2.5% in 2022 and 2.8% by 2023.
This was disclosed by the World Bank in its Global Economic Prospects report this week.
The World Bank also stated that Global growth is expected to decelerate from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as pent-up demand dissipates and as fiscal and monetary support is unwound across the world.
What they are saying
World Bank Group President David Malpass said “The world economy is simultaneously facing COVID-19, inflation, and policy uncertainty, with government spending and monetary policies in uncharted territory. Rising inequality and security challenges are particularly harmful for developing countries.”
He added that “Putting more countries on a favourable growth path requires concerted international action and a comprehensive set of national policy responses.”
The Bank warned that the…
