By BUUMBA CHIMBULU THE outbreak of COVID-19 has lowered Zambia’s economic growth for this year to two percent from the projected 3.2 percent while copper export earnings are expected to decline substantially by more than US$1 billion in 2020 if the situation persists. This is despite the anticipated significant recovery in the agricultural sector. The mining, manufacturing, tourism, construction as well as wholesale and retail trade sectors were projected to slow down on account of the pandemic, said Finance Minister, Bwalya Ng’andu. Dr Ng’andu said copper prices had declined by 23 percent to US$4,754 per metric tonne as at 25th March, 2020 from US$6,165 per metric tonne in January 2020. The Minister said yesterday in Lusaka at a press conference that the down ward forecast represented a reduction of about US$1,400 per tonne. “Consequently, copper export earnings are expected to decline substantially by more than US$1 billion in 2020 if the situation persists. It follows, […]
COVID-19 ‘slices’economic growth
