By Mustapha Sumaila
Abuja – The World Bank says due to growth in emerging market, developing economies are expected to accelerate to 4.1 per cent in 2020.
The bank made this known in a statement in Abuja on Wednesday.
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.
It noted that about a third of emerging market and developing economies were projected to decelerate this year due to weaker-than-expected exports and investment.
The World Bank, however, said that the growth among advanced economies as a group was anticipated to slip to 1. 4 per cent in 2020 in part due to continued softness in manufacturing.
“Global economic growth is forecast to edge up to 2. 5 per cent in 2020 as investment and trade gradually recover from 2019 significant weakness but downward risks persist.
“With growth in emerging and developing economies likely to remain slow, policy makers 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.” it said.