Zambia’s economic growth will fall below four per cent in 2016 due to a combination of domestic and international pressures, the World Bank said on Thursday.
World Bank Senior Economist Gregory Smith said at a media briefing in Lusaka that expansion in Africa’s second-largest copper producer would, however, pick up in subsequent years.
“We expect growth to fall below four per cent in 2016 and an improvement in growth in 2017 and 2018,” Smith said.
Severe electricity shortages, a plunge in global copper prices to record lows and a faltering currency have hurt the southern African country’s economy.
The government forecasts had put growth at 4.6 per cent in 2015.
Besides, the country’s inflation rose sharply to 19.5 per cent year-on-year in November from 14.3 per cent in October, the Central Statistical Office said.
“The increase in the annual rate of inflation was attributed to both food and non-food items,” the agency said in a statement.
Monthly inflation slowed, falling to 5.0 per cent in November from 6.2 per cent in the previous month, the agency said. (Reuters/NAN)