Lagos - The World Bank has revised down its forecast for economic growth in Nigeria and other developing countries in 2014 from 5.3 percent down to 4. percent.
The bank, has however predicted that growth in these countries will accelerate in 2015, and 2016 to 5.4 percent and 5.5 percent respectively, reports New Telegraph.
Jim Yong Kim, World Bank Group President, in the institution’s Global Economic Prospects (GEP) report released on Tuesday, said developing nations needed to make economic reforms to promote growth.
He noted that current growth rate and the 2015 and 2016 growth rates are too modest to create the kind of jobs needed to improve the lives of people in the developing countries.
Read more at New Telegraph.
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