World Economics Declares That Nigeria Has Moved Out of Recession

World Economics Declares That Nigeria Has Moved Out of Recession

World Economics, an organisation which is dedicated to producing financial analysis, insight and data relating to questions of key importance to the general world economy has declared that Nigeria has moved out of the recession that plagues the country in recent times.

This was revealed in a message on its website where the organisation stated that they believe that things are turning around in the country.

They wrote that after a period of 10 months which saw consecutive contraction, their March Sales Managers’ Index (SMI) data suggests that the Nigerian economy is beginning to grow out of the recession.

It stated that the Market Growth Index grew to 53.5 in March as the monthly Sales Growth Index edged up to 51.3, which makes it its highest value since March 2016, a year ago.

They further warned although that it was too early to speculate if the recovery is built on solid fundamentals for a sustained recovery as some financial analysts have indicated but that the changes reflected are not insubstantial.

One of the indices for the check is that of price inflation which is tracked by the Prices Charged Index remained high at 61.3 which is indicative that very high levels of inflation continue.

There is optimism that the economy will continue to grow according to their report.