The Zambian economy has not experienced any grown so far this year and the government's four percent target is unlikely to be met, according to Barclays banks Quarterly Economic Review.
The report for the second quarter of the year, released on Monday, said the government was relying on the sale of mines, a good harvest and reduced tariffs for the manufacturing sector to meet its growth target. But mine sales have been further delayed, and late fertiliser supplies and bad weather have combined to produce an unexpectedly low harvest.
Quoting the report, the Chinese news agency Xinhua reported: "Large debt burdens, reducing local order books ... and demands for wage and salary increments all add up to a serious situation." It added that investment pledges were also sharply down.
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