BEVERLY HILLS, October 09, (THEWILL) – The World Bank has projected that sub-Sahara Africa’s real GDP would contract by 3.3 per cent this year, after expanding by 2.4 per cent in 2019.
The bank made this known in its ‘Africa’s Pulse’ report entitled ‘Charting the road to recovery’ saying countries in sub-Saharan Africa were seizing the opportunity created by the crisis to accelerate the structural reform agenda.
It said, “In Nigeria, after expanding 1.9 per cent year-on-year in 2020 Q1, real GDP contracted by 6.1 year-on-year in 2020 Q2, with growth in the oil and non-oil sectors falling.
“The near-term outlook is subject to considerable uncertainty as the economy continues to grapple with the effects of the pandemic.”
The report said activity data suggested that the rebound in activity that started in Q3 2020 might have stalled.
“Investment remains weak amid high uncertainty. Growth is projected to fall by 4.1 per cent in 2020 and remain subdued at 0.3 per cent in 2021,” it added.
According to the World Bank, although Nigeria’s public debt level is projected to rise, it is expected to remain below 30 per cent of GDP in 2020.
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