World Bank Cuts Nigeria’s 2016 Growth Forecast From 4.8 to 0.8 Percent

The World Bank, in its Global Economic Prospects report, has slashed Nigeria’s economic growth rate to 0.8 percent, from the 4.6 per cent it estimated in January.

Nigeria’s growth forecast is expected to be slower also than the 2.5 per cent projected for sub-Saharan Africa, which would rise further to 3.9 and 4.4 per cent in 2017 and 2018.

South Africa is however is projected to perform worse than Nigeria, as it is projected to grow by 0.6 per cent this year, before rising 1.1 and then 2.0 per cent in 2017 and the following year.

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