World Bank says Zambian economy will grow more slowly

World Bank says Zambian economy will grow more slowly

LUSAKA, Dec 7 (Reuters) – Zambia’s economy will grow more slowly than expected, expanding 3.8 percent instead of the previous forecast of 4.1 percent, the World Bank said on Thursday.

“This follows weak performances of the services, mining and construction sectors,” the World Bank said in a statement on Thursday.

The bank forecast growth of 4.3 percent in 2018 and 4.7 percent in 2019.

“The forecast assumes the government will continue to implement its economic reform programme,” the bank said in a statement.

“There remains a need to look closely at ways to improve debt management to ensure that economic growth has sustainable foundations and that borrowed money is invested wisely to ensure inclusive growth,” it said.

Zambia and the International Monetary Fund began to plan in October how the country can reach debt sustainability after the IMF delayed the conclusion of talks with Zambia , saying it was at high risk of debt distress. (Reporting by Chris Mfula, editing by Larry King)

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