By Ishmeal Mike
The World Bank has projected that Zambiaâ€™s Gross Domestic Product is forecast to average 2.7 percent between 2019 and 2021, which is below 7.0 percent required to achieve the medium term development goals.
The Global Bank has also indicated that the growth of the industry sector is projected to remain stable due to strong construction activities and high copper production.
This is according to the World Bank Economic Brief on Zambia titled wealth beyond mining; leveraging renewable natural capital.
Speaking at the Launch of the 12th Zambiaâ€™s economic brief in Lusaka today, World Bank Senior Economist Samson Kwalingana, has noted that in the near to medium term, there is need for Zambia to pursue strong macro-economic and structural adjustment policies to preserve macro-economic stability, restore business confidence and improve its growth prospects.
Mr. Kwalingana added that over the long term, the government needs to harness its natural resource endowment, especially renewable capital, to promote sustainable growth.
And Mr. Kwalingana has warned that the outlook is subject to several downside domestic and external risks such as delayed implementation of fiscal consolidation and structural reforms which he said could lead to further tightening of domestic and external financing conditions.
The World Bank has partnered with Zambia since 1955 to support the country’s development projects, including mining, infrastructure and health.
The World Bank Group works in more than 170 countries, working with partners in the public and private sectors in their efforts to end poverty and tackle some of the most pressing development challenges.
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