The World Bank Group has revised its economic growth outlook for Nigeria in 2023 to 2.9%, down from its earlier projection of 3.3%. This revision is attributed to currency pressure, insecurity, and various challenges facing the country. The World Bank’s ‘Africa Pulse’ report also noted that Sub-Saharan Africa’s economic outlook remains bleak due to weak growth in the region’s largest economies, rising instability, and global economic uncertainty.<\/p>\n
The report forecasts a deceleration of economic growth in Sub-Saharan Africa to 2.5% in 2023, down from 3.6% in 2022. Nigeria is expected to grow at 2.9% due to lower international prices and currency pressures affecting both oil and non-oil sectors. The report also highlighted increased conflict and violence in the region as factors weighing on economic activity.<\/p>\n
Despite the gloomy outlook, the World Bank noted some positive developments, including a decline in inflation and improved fiscal balances in some African countries. However, the report emphasized the urgent need for job creation to harness the demographic dividend in the region.<\/p>\n
It’s important to note that economic forecasts are subject to change based on various factors, including government policies, global economic conditions, and unforeseen events.<\/p>\n","protected":false},"excerpt":{"rendered":"
The World Bank Group has revised its economic growth outlook for Nigeria in 2023 to 2.9%, down from its earlier projection of 3.3%. This revision is attributed to currency pressure, insecurity, and various challenges facing the country. The World Bank’s ‘Africa Pulse’ report also noted that Sub-Saharan Africa’s economic outlook remains bleak due to weak […]<\/p>\n","protected":false},"author":3,"featured_media":3011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[37,35],"tags":[],"class_list":["post-3008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/3008"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3008"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/3008\/revisions"}],"predecessor-version":[{"id":3012,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/3008\/revisions\/3012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/3011"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}