Business
World Economy To Improve By 2011 – Survey
Employers will hire more workers this year, and the economy will grow faster than envisioned three months ago, according to an Associated Press survey that found growing optimism among leading economists.
But unemployment will stay chronically high, nearly 9 percent by year’s end, the latest quarterly AP Economy Survey shows.
A majority of economists say it will be 2016 or later before unemployment drops to a historically normal rate of around 5 percent.
Economists have become more confident 19 months after the worst recession since the Great Depression ended. Lower Social Security taxes and higher stock prices will embolden Americans to spend more and help power the economy, they say.
“People will finally recognize that an economic recovery is under way,” said Lynn Reaser, a board member of the National Association for Business Economics. “This won’t be a recovery seen only by economists.”
The gains this year will be enough to withstand the threats still clouding the economy, the AP survey found. A majority of the economists doubt, for example, that falling home prices and higher mortgage rates will pose a major risk to the economy in 2011.
The AP survey collected the views of 42 private, corporate and academic economists on a range of indicators. Among their forecasts:
The economy will grow 3.2 percent this year, compared with the 2.7 percent they forecast in October. That would top last year’s estimated growth of less than 3 percent.
Employers will create a net total of 2.2 million jobs. Three months ago, the economists predicted 1.6 million jobs would be added in 2011. Last year, employers added roughly 1.1 million.
Consumers will spend 3.2 percent more this year than last year. That’s stronger than the 2.5 percent growth the economists had forecast in October. And it’s nearly double the spending growth that’s estimated for 2010.
Inflation will be 1.8 percent this year, barely more than the 1.7 percent the economists forecast in the previous survey and up only slightly from 1.5 percent last year. The 1.8 percent forecast falls within the range of inflation the Federal Reserve thinks a healthy economy needs.
Among the reasons for the economists’ growing optimism: an extension of income-tax cuts, a cut in Social Security taxes for workers, easier access to loans, higher stock prices and a government that seems more sympathetic to the priorities of businesses.
The brighter outlook is also evident among people responsible for hiring.
Jerry Huddleston, human resources manager of the Ozark Natural Foods grocery store in Fayetteville, Ark., said he plans to hire for busy weekend shifts because sales are improving.
The store is generally slow to add jobs. But Huddleston said business is picking up. Customers seem more willing to pay more for organic milk, vitamin supplements and pre-made vegetarian meals.
“I think people are starting to be more confident that the job they have is the job they will have tomorrow,” he said.
As the economy gradually strengthens, the economists expect interest rates will tick up, as they already have begun to do. They think the yield on the 10-year Treasury note, now at 3.4 percent, will reach 3.6 percent by midyear and 3.9 percent by year’s end. Those higher rates would force up mortgage rates, which tend to track the 10-year Treasury yield.
Yet when asked about a range of threats, from falling home prices and rising energy prices to state budget woes and Europe’s debt crisis, the economists called each a minor risk rather than a major risk to the economy.
In the spring and summer, many analysts had feared the economy might slide back into a “double-dip” recession.
“Consumers and businesses are in a better mood,” said Nariman Behravesh, chief economist at IHS Global Insight. “They are spending a little more freely. Not a lot more freely, but a little more freely.”
That helps explain why Behravesh has lifted his forecast for economic growth in 2011 to 3.2 percent, from 2.2 percent in October.
Still, the Fed said Wednesday that the economy isn’t growing fast enough to lower unemployment and still needs help from the Fed’s $600 billion Treasury bond-purchase program. The bond purchases are intended to lower rates on loans and boost stock prices, spurring more spending and invigorating the economy.
President Barack Obama still faces risks from voters skeptical of his economic stewardship, according to a new Associated Press-GfK poll. More than half disapprove of how he’s handled the economy. Just 35 percent say it’s improved on his watch; 40 percent had said so a year ago.
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Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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