The World Bank has said that the Nigerian economy has been slipping since 1995 and this continued till 2018.
The bank, in its latest report on the regional economy titled, ‘Africa’s Pulse’, released the taxonomy of growth performance in sub-Saharan Africa, which focused on the macroeconomic and financial features that led to growth resilience on the continent.
According to the bank, the taxonomy is used to help identify the factors that are correlated with success or failure in economic growth performance in sub-Saharan Africa, with emphasis on macroeconomic and financial variables.
The analysis, it said, involved a series of macroeconomic variables for 44 sub-Saharan African countries from 1995 to 2018.
The key elements that determined the positions of each of the 44 sub-Saharan economies in the taxonomy, the World Bank said, included the level of income per capita of the countries; structural transformation, as captured by sectoral value-added share and sectoral employment share; and capital flows.
Others are level and composition of public sector indebtedness, as captured by the general government gross debt and its currency composition, and the outstanding external public debt.
The last of the indicators has to do with governance vis-a-vis government effectiveness, regulatory quality, control of corruption, voice and accountability, political stability, and absence of violence and rule of law.
According to the World Bank, the taxonomy compares the average annual GDP growth rates during 1995–2008 and 2015–2018 against predetermined thresholds.
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