The World Bank says Zambia needs to boost its copper production if it is to maximise its revenue base.
World Bank senior economist Gerard Kambou says Zambia has an advantage of existing mineral resources that can assist to accelerate the country’s economic growth.
Mr Kambou was speaking yesterday via a video-conference when the bank released its April 2019 bi-annual analysis of the state of African economies.
The country’s annual copper production has averaged 850,000 metric tonnes, with a projection of reaching 1,000,000 metric tonnes by next year.
And World Bank chief economist for Africa Albert Zeufack says economic growth in the sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017.
Dr Zeufack said economic growth for the region remains below population growth for the fourth consecutive year.
Dr Zeufack said the slower than expected overall economic growth rate reflects ongoing global uncertainty.
And, World Bank lead economist and lead author of the report Ceaser Calderson said African countries have an opportunity to move from fragility to opportunity by cooperation across borders to tackle instability, violence and climate change.
Story by Lusaka Times