giftedviz.com
giftedviz.com April 24, 2017


World Bank cautions Nigeria, others on 'excessive-borrowing'

21 April 2017, 01:59 | Austin Hogan

IMF: Nigeria's economy to grow by 0.8% in 2017

IMF forecasts modest pickup in sub-Saharan Africa growth

Growth this year will be "better than the 1.3 percent in 2016, the lowest in two decades, but we are not out of the woods yet", World Bank Africa Chief Economist Albert Zeufack told reporters in a video conference from Washington on Wednesday.

"Excluding these three countries, growth in the region was estimated to be 4.1 percent in 2016", the report said.

"However, the recovery remains weak, with growth expected to rise only slightly above population growth, a pace that hampers efforts to boost employment and reduce poverty", World Bank said.

Similarly, the International Monetary Fund also predicted that the nation's economy would rise by 0.8 per cent in 2017, adding that agriculture and big government spending would drive the growth.

Risks to growth could occur if there is a slippage on reforms, heightened security concerns and policy uncertainty, leading to a sudden stop in investments, Zeufack said.

According to the report, Nigeria, South Africa, and Angola, the continent's largest economies, were already seeing a rebound from the sharp slowdown in 2016.

No-one will want to play Juventus after ousting Barcelona, says Bonucci
If they lose to Real Madrid again on Sunday, it would leave them six points behind their title rivals having played a game more. Leo Messi torpedoed his face into the Camp Nou turf after he battled for a high ball against Miralem Pjanic.


How Much Money Did O'Reilly Bring in for Fox?
There are many offices these days where pulling a Clinton, Trump or O'Reilly will get you summarily canned. With a profit center gone, 21st Century Fox stock fell nearly 1 percent Wednesday in heavy trading.


United States confirms 'failed' North Korea missile test
The country launched a long-range rocket and conducted the two nuclear tests past year , including its most powerful to date. In the past, North Korea showed off mock-up missiles and then later succeeded in test-firing real ones on several occasions.


The economist said Tanzania was among seven countries in Africa that continued to exhibit economic resilience, supported by domestic demand as well as posting an annual growth rate above 5.4 percent in the past two years.

"As countries move towards fiscal adjustment, we need to protect the right conditions for investment so that Sub-Saharan African countries achieve a more robust recovery".

The World Bank's Africa's Pulse says Africa can greatly increase its per capita Gross Domestic Product (GDP), if it is able to bridge the huge infrastructure gap in sectors of its economy. "The global economic outlook is improving and should support the recovery in the region", the data stated. It will remain subdued for oil exporters, while metal exporters are projected to see a moderate uptick.

GDP growth in countries whose economies depend less on extractive commodities should remain robust, underpinned by infrastructure investments, resilient services sector, and the recovery of agriculture production. He also added that the growing protectionism in the West could pose a risk for sub-Saharan African economies but it could also present opportunities for the continent to be self-sufficient and create jobs. This is especially the case for Ethiopia, Senegal, and Tanzania.

"This low growth rate was driven mainly by unfavourable external developments, with commodity prices remaining low, and hard domestic conditions", the report said.

The Africa's Pulse analysis released by the World Bank says that with the high poverty rate, the region is faced with the urgent need to regain the momentum in growth and make it more inclusive, which will require deep reforms to improve institution for private sector growth, and develop local capital markets as well as improve the quantity of public infrastructure, enhance the efficiency of utilities including the strengthening of domestic resource mobilization. The region experienced a slowdown in investment growth from almost eight per cent in 2014 to 0.6 per cent in 2015.



Other News

Trending Now

Arkansas court won't reconsider inmate's stay
Asa Hutchinson to complain that state judges aren't honoring the decisions jurors made when sentencing the prisoners to death. The first two executions were canceled because of court decisions , and legal rulings have put the other six in doubt.

It's Over! Facebook Live Killer Steve Stephens Kills Self in Pennsylvania
Stephens, who had no prior criminal record, was not suspected in any other killings, Cleveland officials said. The murderer's mom, Maggie Green, said he'd tried to say goodbye in a visit one day before Godwin's slaying.

Investigation Continues Into Aaron Hernandez's Death
Last Friday, Hernandez wept openly as he was acquitted of earlier Boston murders. "This is not amateur hour", Baez said. When asked if he accepted the ruling, Baez said, "We'll accept the determination after an investigation is complete".

United Will Not Fire Employees Over David Dao Incident
Other airlines have chose to increase their compensation offers for such passengers. Senate Commerce Committee to answer detailed questions about the incident.

Killer of NFL's Will Smith gets 25 years for manslaughter
And with tears and anger, she lashed out at the man who shot her and killed her husband during a traffic dispute a year ago . That was the same request from Hayes' mother, whose uncontrollable sobbing led to a brief recess while she composed herself.

White House denies misleading public in armada push
Spicer said the USS Carl Vinson's "ultimate destination" was the Korean Peninsula and that "that's where it ended up". US President Donald Trump said last week he had ordered the strike group to head for Korean waters.

Vetr Inc. Downgrades American Airlines Group Inc (AAL) to Hold
If we look at stock performance in last active day trading, we see that stock has moved edged up 0.98% to end the day at $50.24. American Airlines Group, Inc. has a 50 day moving average of 43.05 and a 200 day moving average of 44.20.

Trump to Meet Turkey's Erdogan Ahead of NATO Summit in May
Turkish President Recep Tayyip Erdogan has insisted that his plans to assume sweeping new powers do not make him a dictator. Italy's foreign minister called for Turkish opposition forces to be involved in reforms following the weekend's referendum.

'Infowars' host Jones says his on-air persona not a 'trick'
The Austin-based host also accused philanthropist George Soros of funding a marijuana legalization campaign - echoing his " InfoWars " broadcast.

Turkish election board rejects appeals to annul referendum
Following the board's ruling, the Republican People's Party said it would not give up on "no" voters who opposed the changes. There were widespread expectations he would take over the leadership nearly immediately after the vote.