‘Global Economy To Grow By 2.6%’

The Director, Africa Economist, Citi, London, Mr David Cowan, on Thursday projected a 2.6 per cent global economic growth rate for 2013.
Cowan gave the projection at the 4th Annual EuroFinance Conference on Treasury, Risk and Cash Management in West Africa in Lagos.
He, however, predicted that the Euro area would remain in recession in 2013 and 2014.
Cowan, who spoke on “Global Economic Update: Europe Casts a Long Shadow”, said that the growth would rise to 3.2 per cent in 2014.
He called on the Nigerian government to address the challenges affecting private sector development such as poor credit availability and heavy fiscal drag.
Cowan said that the Fiscal Cliff in the U.S., though avoided, would still have effect on the global economy due to the cut down in U.S. government spending.
He said that the emerging markets, especially Nigeria, would experience high influx of foreign funds in 2013 due to its growth potentials.
Cowan called for diversification of the Nigerian economy with less emphasis on crude oil as weakening oil prices might put pressure on the currency.
A Senior Partner, Kenna Partners, London, Dr Fabian Ajogwu, who spoke on “Rethinking Corporate Governance”, said that good internal audit was very important for effective corporate governance.
Ajogwu said that the current financial and economic crisis had put the issue of sustainable development of enterprises at the centre of economic growth and development strategy.