Menu

The World Bank reaffirmed its forecast for Zambia's economic growth on Monday, stating the Southern African economy will rise by 4 per cent in 2017 and 4.2 per cent in 2018, according to a report by Reuters.

At a meeting with mining firms, World Bank's senior financial management specialist, Srinivas Gurazada, reportedly predicated the rise in GDP growth rate on a jump in copper prices and improvement in power supply.  

"Zambia is on a slow economic recovery path," the World Bank official said.

The Zambian economy slowed to 2.9 per cent annual growth rate in 2015 from an average 7.4 per cent GDP growth rate recorded annually in the decade to 2014. The economy came under strain in 2015 and last year due to the fall in copper prices and a power crisis. Inflation reached an all-time high of 22.90 per cent in February of 2016.

The economy grew by 3 per cent last year and inflation has since dropped to 7 per cent in January 2017.     
 
The World Bank has said the Zambian government's 7th National Development Plan 2017-2021 (NDP) is expected to provide “practical implementation strategies” for the government’s goals to achieve economic transformation through an “integrated approach” that links key sectors.