BOZ targest 7% growth for 2013 first half
Bank of Zambia Governor Michael Gondwe has observed that the country’s economic prospects for the first quarter of this year remain favorable, underpinned by expected good domestic performance driven by the agricultural, manufacturing and construction sectors.
Dr. Gondwe notes that government’s recent initiatives aimed at lowering the cost of borrowing are also likely to boost national output.
He states that with expected recovery in the global economy, the country’s external sector is projected to improve supported by continued growth on non-traditional exports.
Dr. Gondwe said this in Lusaka last evening during the 2013 first quarter media cocktail.
The central bank Governor has however noted that the fiscal cliff in the United States of America, spending cuts by some of the developed economies and weak consumer and business confidence in most of the developed economies as some of the challenges to the outlook.
And Dr. Gondwe disclosed that during the first half of 2013, annual overall consumer price inflation is expected to slow down by 6.4 percent in June to 7.3 percent in 2012 despite expected inflationary pressures in the first quarter.