Top Story

World Bank cuts Africa’s 2019 growth forecast by 15%

121
By Ruth Olurounbi, in Washington DC
The World Bank has cut the Sub-Saharan Africa 2019 growth forecast by as much as 15 percent, the bank announced ahead of the upcoming 2019 World Economic Outlook expected to be launched Tuesday by the International Monetary Fund (IMF) at the ongoing World Bank/IMF Annual Spring Meetings in Washington DC.
The region’s growth, earlier projected to reach 3.4 “predicated on diminished policy uncertainty and improved investment in large economies together with continued robust growth in non-resource intensive countries”, was cut to 2.8 percent by the bank as the region faces continued elevated trade tensions and tightening financing conditions despite moderating international trade and investments.
“The slower-than-expected overall growth reflects ongoing global uncertainty, but increasingly comes from domestic macroeconomic instability including poorly managed debt, inflation and deficits,” the bank said.
The Nigerian economy, which grew by an estimated 1.9 per cent last year, up from 0.8 percent the previous year, according to the bank, was expected to grow to 2.2 percent this year, “assuming that oil production will recover and a slow improvement in private demand will constrain growth in the non-oil industrial sector.”
However, the bank foresees developing economies stalling at 4.2 percent this year, just as Nigeria, South Africa and Angola, which make up about 60 per cent of the region’s annual economic output, continue to face several challenges including inflation and high debt profile.
“This downward revision reflects slower growth in Nigeria and Angola, due to challenges in the oil sector, and subdued investment growth in South Africa, due to low business confidence,” the bank said.

Leave a comment

Related Articles

356 days of Tinubu administration: Abuja light rail flagged off

President Bola Tinubu has flagged off the commercial operation of Abuja Light...

Breaking: Pres. Tinubu assents to old national anthem Bill

President Bola Tinubu signed the National Anthem Bill 2024 on Wednesday, thereby...

Presidency distances itself from Onanuga’s statement on Tinubu addressing NASS May 29

Contrary to a statement that President Bola Tinubu would address a joint...

Pres. Tinubu arrived Abuja after a three-day working visit to Lagos

President Bola Tinubu has arrived in Abuja after a three-day working visit...

Breaking: Court orders police to evacuate deposed Emir Bayero from Kano with immediate effect

The Kano Police Commissioner has been ordered to immediately evacuate the deposed...

Petrol subsidy removal, forex policy desirable but poorly handled — Obasanjo

Former President Olusegun Obasanjo has said that the petrol subsidy removal and...

Updated: Three fatalities recorded in Lagos mosque collapse, several injured 

At least three worshippers have been confirmed in Sunday’s mosque collapse in...

Breaking: Many worshippers feared dead in Lagos mosque collapse

A mosque collapsed in the Papa Ajao area of Lagos on Sunday...

Just in: Passengers stranded as an Abuja-Kaduna train derails halfway

An Abuja-bound train from Kaduna derailed halfway to the nation’s capital on...

Just in: Kano Gov. Yusuf orders deposed Emir Ado Bayero’s arrest

The Governor of Kano State, Abba Kabir Yusuf, has ordered the arrest...

Breaking: Kano Emir Sanusi Lamido reinstated, letter presented to him at Government House

The reinstated Emir of Kano, Khalifa Muhammad Sanusi III, has arrived Government...

Just in: Court halts Sanusi’s reinstatement as Emir of Kano

A Federal High Court in Kano has granted an ex-parte order restraining...

Breaking: Kano Assembly repeals Emirates Council Law

After scaling its third reading, the Kano State House of Assembly passed...

Democracy: Pres.Tinubu advocates bolstering Africa’s regional economic communities

In a bid to promote commerce and integration, advance democracy and expedite...

Just in: Tinubu appoints Shehu Mohammed as FRSC Corps Marshal 

President Bola Tinubu has appointed Mr. Shehu Mohammed as the Corps Marshal...

Israel-Gaza war: US threatens ICC over move to arrest Israeli PM Netanyahu

Following the International Criminal Court’s prosecutor’s request for arrest warrants for Israeli...

Again, CBN raises Monetary Policy Rate to 26.5%

The Central Bank of Nigeria (CBN) has again increased the Monetary Policy...

Breaking: Tragedy as Iran’s President Raisi, 8 others die in helicopter crash

All nine people on board of Iranian President Ebrahim Raisi’s helicopter which...

Breaking: Helicopter carrying Iran’s president crashes

A helicopter carrying Iranian President, 63-year-old Ebrahim Raisi, has reportedly suffered a...

FG appoints ex-Govs. Yuguda, Elechi, Shinkafi, Ngilari, APC’s lawyer, Olanipekun, others Chairmen of varsities’ governing councils

The Federal Government has announced the names of the Pro-Chancellors, Chairmen, and...