Zambia cuts 2019 economic growth forecast to 2%

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Zambia has cut its 2019 economic growth forecast to around 2 per cent from an initial projection of 4 per cent, President Edgar Lungu said on Friday.

Lungu said in a state of the nation address in parliament that adverse weather conditions would negatively affect growth this year.

“It is being revised downwards to about 2 per cent on account of adverse weather conditions which have affected the energy and agricultural sectors,” Lungu said.

Lungu said Africa’s second-largest copper producer would strive to dismantle domestic arrears and maintain debt within sustainable levels.

Zambia’s external debt rose to 10.05 billion dollars at the end of 2018, compared with 8.74 billion dollars a year earlier, raising fears that the southern African country is headed for a debt crisis.