Economy to continue declining until 2021

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The Zambia National Commercial Bank has projected that Zambia’s economy will continue on a downward trajectory until the year 2021.

The bank says a further drop in the economic activities for the second half of 2019 until 2021 is certain after looking at the current fiscals.

The bank also said that economic indicators show that there is going to be continued contraction in the economy owing to the tight liquidity and constrained government spending which is mainly going towards debt servicing. 

Speaking at the economic insight indaba hosted in Lusaka on June 26, Zanaco Head of Research, Patrick Chileshe delivered the projected report and said the bank is optimistic for the best turn around of things.

He said he was hopeful that government will stick to the austerity measures introduced earlier this year saying that is the only way to boost investor confidence for the country.

And speaking earlier, Zambia Chamber of Commerce and Industry (ZACCI) Chief Executive Officer (CEO) Prisca Chikwashi challenged government to bring in positive investment which will help bring growth.

Chiwashi said there is need for Zambia to focus on formulating measures that will promote the economic growth as a way to boost investor confidence.

Meanwhile, Zambia Institute of Policy Analysis and Research (ZIPAR) Executive Director Pamela Kabaso says Zambia should take advantage of the trade tension between china and United States by exporting more to those countries as a way to grow the economy. 

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Start: 2019-07-01 End: 2019-07-31