The World Bank made the forecast about Nigeria's economy in its latest edition of Africa's Pulse report published on its website on Wednesday.The bank made the forecast in its latest edition of Africa's Pulse report published on its website on Wednesday.
The World Bank's Africa's Pulse is a bi-annual publication of the Office of the Chief Economist in the World Bank Africa Region. The report analyses the short term economic prospects for the continent and current development challenges, as well as a special development topic.
It said inflation is expected to decline from 9.3 per cent in 2022 to 7.3 per cent in 2023 and that fiscal balances are improving in African countries that are pursuing prudent and coordinated macroeconomic policies. "Current growth patterns generate only 3 million formal jobs annually, thus leaving many young people underemployed and engaged in casual, piecemeal, and unstable work that does not make full use of their skills," the report noted.According to the report, creating job opportunities for the youth will drive inclusive growth and turn the continent's demographic wealth into an economic dividend.
This, it said, might be partly due to a lack of capital, which continues to hamper the structural transformation required for good quality jobs.
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