LUSAKA, June 29 (Xinhua) -- The World Bank on Thursday projected steady economic growth in Zambia after an economic downturn caused by both external and internal factors such as falling commodity prices and a power deficit in 2015 and 2016.
In its economic brief report for Zambia, the World Bank said the economy will grow to 4.1 percent this year and improve to 5 percent by 2019.
The report noted that all the sectors were expected to contribute to improved economic growth.
On Wednesday, the government announced the country's economy has rebounded with main growth sectors such as agriculture, mining and manufacturing supporting the economic turnaround.
The government had projected the economy to grow at 3.9 percent this year.
But the World Bank has warned the government to deal with its soaring debt so that it remains at sustainable levels.
According to the government, the external debt stood at 7.2 billion U.S. dollars as at end of May from 6.86 billion dollars at end of 2016.
The World Bank says it was concerned that debt servicing, which amounts to 20 percent of domestic revenue, was getting a huge chunk of the resources leaving less resources for development priorities and poverty reduction.
A single purchase
