Economy

Nigeria’s economy to grow by 2.1 percent in 2020

Nigeria’s economy to grow by 2.1 percent in 2020”

The World Bank on Wednesday lowered its projection for India's economic growth from 6% to 5% in 2019-'20 fiscal year, but said it would recover to 5.8% in the following year, PTI reported.

Meanwhile, China's growth rate is projected to decelerate to 5.9 percent in 2020, a 0.2 percentage-point reduction from the June forecast, as the world's second-largest economy deals with the fallout from USA tariffs, the World Bank said.

That figure is below the 3.6 per cent growth estimate for Bulgaria's economic growth in 2019, and also below the 3.4 per cent 2020 growth forecast for World Bank's Central Europe sub-region, which includes Bulgaria.

"This modest increase in global growth marks the end of the slowdown that started in 2018 and took a heavy toll on global activity, trade, and investment, especially past year", said Ayhan Kose, the World Bank's lead economic forecaster.

For 2018, Malaysia's GDP expanded 4.7% y-o-y, Bank Negara said.

Canisius Bihira, an economist based in Kigali, asserts the 8.1 forecasted growth is within an ideal range given the trend at which the domestic economy has been growing at.

India's growth rate was 6.8 per cent in 2018-19.

Much of the emerging market improvement is driven by eight countries, the World Bank said.

The bank's revised outlook represents a downgrade from its last forecast in June when it had expected growth to be 0.2 percentage-points higher this year.

For the United States, the World Bank sees gross domestic product growth slowing from 2.3% in 2019 to 1.8% in 2020 and then slowing further to 1.7% in both 2021 and 2022.

Why it matters: Per Axios' Dion Rabouin, this report shows the economic situation is worse than the World Bank had estimated in October, when it cut its projections for a third time.

In Cote d'Ivoire, the economy is expected to grow at 7 per cent, Ghana's economy is forecast to grow at 6.8 per cent followed Benin at 6.7 per cent, Uganda at 6.5 per cent, and Ethiopia at 6.3 per cent.

China's growth is projected to ease to 5.9 percent in 2020, from 6.1 percent in 2019, as the world's second-largest economy deals with fallout from USA tariffs.

It explained that this rebound was not broad-based, instead, it assumed improved performance of a small group of large economies, some of which were emerging from a period of substantial weakness.

Trump's get-tough trade policies aimed at lowering America's huge trade deficits as a way to boost US manufacturing jobs have resulted in an increase in protectionist barriers in the United States and many other nations.

Growth in Sub-Saharan Africa is expected to peak at 2.9 per cent in 2020, the bank further projected.

In Bangladesh, growth is expected to ease to 7.2 per cent in 2019-20, which ends on June 30, and edge up to 7.3 per cent the following fiscal year.

Among other threats to growth, the World Bank cited weak productivity gains in many countries and a sharp rise in global debt burdens.



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