The World Bank group said that due to growth in the emerging markets, developing economies are expected to experience a 4.1 percent rise in 2020.
The bank disclosed this in a statement in Abuja. It said the 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.
It noted that about a third of the emerging market and developing economies were projected to decelerate this year due to weaker-than-expected exports and investment.
The World Bank, however, said the growth among advanced economies as a group was anticipated to slip to 1. 4 percent in 2020 in part due to continued softness in manufacturing.
Global economic growth is forecast to edge up to 2. 5 percent in 2020 as investment and trade gradually recover from 2019 significant weakness but downward risks persist.
With the growth in emerging and developing economies likely to remain slow, policymakers should seize the opportunity to undertake structural reforms that boost broad-based growth, which is essential to poverty reduction.
Steps to improve the business climate, the rule of law, debt management, and productivity can help achieve sustained growth, World bank stated.
Source: Voice of Nigeria