Former Minister of Education and ex- vice President of the World bank, Dr. Obiageli Ezekwesili has tutored President Muhammadu Buhari’s economic team over ailing economy.
The National Bureau of Statistics had on Wednesday, August 31, 2016 released the much-awaited Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.
The negative growth rate recorded in the second quarter of this year is a confirmation of the predictions by the Federal Government and economists that the country was heading into recession.
Ezekwesili said: “When a Country is in Recession, the language & actions of a Government must CHANGE to “Recovery from Recession”.
“So, will the Recession be temporary or protracted, worsening into a Depression? It depends on SOUNDNESS of Policy Response of FG.
“Rising unemployment in an already high (underemployment+unemployment >29%) weakens aggregate demand&makes recovery prospect tougher.
“The evidence of sharply falling Consumer Confidence is only taking aggregate demand further down and makes Recovery tougher still.
“The mix of SOUND Fiscal & Monetary Policies that would help boost Consumer and Producer/Investor Confidence should be FG PREOCCUPATION”, she said
She said she is hopeful the Central Bank’s Monetary Policy Committee will make the sound monetary policy decision and cut interest Rates.
“We cannot afford to stack up so many BAD Policy responses that will make the Recovery from Recession more painful and protracted.
She advised the executive, policy makers their political leaders to make yet again best opportunity to push incisive reforms doing the recession.
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