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World Bank says Zambia's economic recovery in 2017 subdued

Xinhua,December 08, 2017 Adjust font size:

LUSAKA, Dec. 7 (Xinhua) -- Zambia's economic recovery was subdued in 2017 despite a bumper maize harvest, improved electricity generation and an easing of monetary policy, said a new World Bank report released on Thursday.

The 10th World Bank Economic Brief for Zambia attributed the subdued economic recovery to weak performances of the services, mining, and construction sectors.

The report has however forecast economic growth to improve modestly this year and to strengthen to 4.3 percent in 2018 and to 4.7 percent in 2019.

This, it added, was premised on the government's commitment to continue implementing its economic reform program launched last year to tackle the country's economic woes brought about by falling commodity prices and an electricity deficit.

Meanwhile, the report said Zambia needs a new and more active approach to debt management now that the country was tapping into capital markets and has many sources of borrowing. Enditem