Nigeria, Others to Record 8.1% Growth in Trade, Predicts WTO
• Say Suez Canal blockade to affect global trade by $10 billion per day
*As world bank revises Nigeria, others growth forecast to 3.4%
Nigeria is among some other African countries whose share of global export and import trade is expected to rise by 8.1percent and 5.5 percent in 2021after declining by 5.3 per cent in 2020.
This forecast was released by the World Trade Organisation (WTO) at a virtual world press confrence held in Zurich, Switzerland Wednesday by the Director-General, Dr. Mrs Ngozi Okonjo Iweala, who spoke on Trade Forecast for 2021 and 2022 and Review for 2020.
The forecast showed that global trade will go back to its pre-pandemic period by the fourth quarter of this year with acceleration of vaccine distribution.
According to the forecast, trade growth may likely slow to four percent in 2022.
The forecast also projected that world GDP at market exchange rates will rise by 5.1 per cent in 2021 and 3.8 per cent in 2022, after suffering contraction by 3.8 per cent last year.
According to the forecast, “Short-term risks to the forecast are firmly on the downside and centred on pandemic-related factors. These include insufficient production and distribution of vaccines, or the emergence of new, vaccine-resistant strains of COVID-19.
“Over the medium-to-long term, public debt and deficits could also weigh on economic growth and trade, particularly in highly indebted developing countries.”
The WTO forecast is coming as the World Bank revised Nigeria and other Sub-Saharan African countries growth from 5.1 per cent to 3.4 per cent growth for 2021.
The World Bank in its latest report titled: ‘The Future of Work in Africa: Emerging Trends in Digital Technology Adoption’ said the continent will grow by 2.3 per cent and 3.4 per cent in 2021 having suffered two percent contraction in 2020.
The report also noted that slower spread of the coronavirus has helped the continent in agricultural growth, adding that recovery in commodity prices has impacted positively on many African economies in surviving the coronavirus pandemic.
*As world bank revises Nigeria, others growth forecast to 3.4%
Nigeria is among some other African countries whose share of global export and import trade is expected to rise by 8.1percent and 5.5 percent in 2021after declining by 5.3 per cent in 2020.
This forecast was released by the World Trade Organisation (WTO) at a virtual world press confrence held in Zurich, Switzerland Wednesday by the Director-General, Dr. Mrs Ngozi Okonjo Iweala, who spoke on Trade Forecast for 2021 and 2022 and Review for 2020.
The forecast showed that global trade will go back to its pre-pandemic period by the fourth quarter of this year with acceleration of vaccine distribution.
According to the forecast, trade growth may likely slow to four percent in 2022.
The forecast also projected that world GDP at market exchange rates will rise by 5.1 per cent in 2021 and 3.8 per cent in 2022, after suffering contraction by 3.8 per cent last year.
According to the forecast, “Short-term risks to the forecast are firmly on the downside and centred on pandemic-related factors. These include insufficient production and distribution of vaccines, or the emergence of new, vaccine-resistant strains of COVID-19.
“Over the medium-to-long term, public debt and deficits could also weigh on economic growth and trade, particularly in highly indebted developing countries.”
The WTO forecast is coming as the World Bank revised Nigeria and other Sub-Saharan African countries growth from 5.1 per cent to 3.4 per cent growth for 2021.
The World Bank in its latest report titled: ‘The Future of Work in Africa: Emerging Trends in Digital Technology Adoption’ said the continent will grow by 2.3 per cent and 3.4 per cent in 2021 having suffered two percent contraction in 2020.
The report also noted that slower spread of the coronavirus has helped the continent in agricultural growth, adding that recovery in commodity prices has impacted positively on many African economies in surviving the coronavirus pandemic.
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