The World Bank has revealed that developing economies are expected to accelerate to 4.1 per cent in 2020, because of growth in emerging market.
This is as the bank however disclosed that growth among advanced economies is anticipated to slip to 1. 4 per cent in part due to continued softness in manufacturing.
In a statement in Abuja on Wednesday, the bank 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.
“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.
It also disclosed that despite the general projections, a third of emerging market and developing economies were projected to decelerate this year due to weaker-than-expected exports and investment.