Nigerias improving manufacturing and non-manufacturing sectors indices may feed into the latest global growth forecast of the World Bank Group, if sustained.
The Bretton Woods institution, in its January 2018 forecasts, put global economic growth up to 3.1 per cent after a much stronger-than-expected 2017 record. In the new forecasts, the continued recovery in investment, manufacturing, and trade, as well as benefits from steady commodity prices, particularly the commodity-exporting developing economies, will lead the drive. Nigeria, being one of the commodity-exporting economies, is reportedly stabilising with the rebound in commodity prices- crude oil, which raised its reserves and tamed the exchange rate volatility. Consequently, the nations manufacturing index has shown an expansion for the ninth consecutive month, even reaching a record high of 59.3 points as at December. The positive development spanned across production level; inventories new orders; supplier delivery time; and employment level.
The World Bank Group President, Jim Yong Kim, said: The broad-based recovery in global growth is encouraging, but this is no time for complacency. This is a great opportunity to invest in human and physical capital. If policy makers around the world focus on these key investments, they can increase their countries productivity, boost workforce participation, and move closer to the goals of ending extreme poverty and boosting shared prosperity.
(Guardian)
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