Although the three leading economies in Africa – Nigeria, South Africa and Angola, have buoyed the continent to some economic recovery, the economies are underperforming when their potential are considered.
World Bank lead economist, Punam Chuhan-Pole, announced this in a video press conference.
At the conference which was also addressed by World Bank Chief Economist for Africa, Albert Zeufack, the bank said Africa would grow at 2.4 per cent in the current year, 2017.
Nigeria, the World Bank authorities said, would grow at one per cent within the year. This is 1.4 per cent less than the average economic growth for the African continent.
Chuhan-Pole said although recovery in Nigeria, South Africa and Angola have helped the continent to record some modest growth, the three economies were underperforming when the growths in the countries are weighed against the potential.
In a statement issued at the presentation in Abuja, the World Bank said economic growth in Sub-Saharan Africa was recovering at a modest pace, and was projected to pick up to 2.4 per cent in 2017 from 1.3 per cent. The bank had in April predicted 2.6 per cent growth for the continent.
The bank said: “This rebound is led by the region’s largest economies. In the second quarter of this year, Nigeria pulled out of a five-quarter recession and South Africa emerged from two consecutive quarters of negative growth.
“Improving global conditions, including rising energy and metals prices and increased capital inflows, have helped support the recovery in regional growth.”
However, the report warns that the pace of the recovery remains sluggish and will be insufficient to lift per capita income in 2017.