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Zambia’s Economy To Shrink 4.2% In 2020 – Finance minister

Zambia expects its gross domestic product to shrink by around 4.2% in 2020, more than the 2.6% contraction forecast by the central bank in May, finance minister Bwalya Ng’andu said on Wednesday.

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Sectors including mining, energy, construction, manufacturing, tourism, trade and transport were all expected to record poor performances due to COVID-19, Ng’andu said.

Before the outbreak of the coronavirus pandemic, Zambia had estimated a growth of at least 3% this year, Ng’andu said.

A decline in revenues and the increase in expenditures would create a financing gap of 26.9 billion kwacha ($1.48 billion) and expenditure cuts will have to be introduced, Ng’andu said.

The number of coronavirus cases in Zambia, with a population of more than 18 million, stood at 1,895 including 42 deaths as on July 7, when the government gave its last official update.

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Written by PH

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