WORLD BANK DECLARES NIGERIA, SOUTH AFRICA'S ECONOMIES RECOVERING

The World Bank President, Jim Yong Kim

Economic growth in Sub-Saharan African countries like Nigeria and South Africa is rebounding in 2017 after registering the worst decline in more than two decades in 2016 but it is slow, says the World Bank.

According to the new Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank, the region is showing signs of recovery, and regional growth is projected to reach 2.6 percent this year.

It, however, noted that the recovery remained weak, with growth expected to rise only slightly above population growth, noting that it will be at a “pace that hampers efforts to boost employment and reduce poverty.”

“Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty.

“Furthermore, several oil exporters in the Central African Economic and Monetary Community are facing economic difficulties,” a statement made available by the financial institution to our correspondent said.

The latest data revealed that seven countries, Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and Tanzania, continued to exhibit economic resilience, supported by domestic demand, posting annual growth rates above 5.4 percent in 2015 to 2017.

“These countries house nearly 27 percent of the region’s population and account for 13 percent of the region’s total GDP,” it stated.

SOURCE: PUNCH