Despite Exit From Recession, GDP Growth Still Weak – Economists

Despite Exit From Recession, GDP Growth Still Weak – Economists

Economic experts and analysts on Tuesday welcomed the 0.55 per cent Gross Domestic Product growth rate recorded by the Nigerian economy in the second quarter of this year, which meant that the country had exited recession, The Punch reports.

They, however, expressed concern that the economic growth rate was weak and largely dependent on improvement in oil prices and output, and as such, might not be sustainable in the event of a shock in the local or global oil market. The experts said policymakers still had a lot to do to keep the economy out of recession and to experience higher economic growth rates that could guarantee better living conditions and standards.

Notable economists and experts such as, Dr. Ayo Teriba, Bismarck Rewane, Razia Khan and Mr. Ayodeji Ebo all advised government policymakers to take steps that would make the country’s economic growth and recovery to become based on factors that were not dependent on the oil sector.

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