Renowned Economics Professor Oliver Saasa has warned that Zambia faces a gloomy economic outlook for the remaining six months of 2015.
Professor Saasa said Zambians should brace themselves for harder times as the economy will undergo a slowdown before it starts to stabilise.
He said the country has had some challenges with receipts from copper mining following the fall in the price of copper on the international market.
‘We have had some serious challenges with the fiscal regime particularly with the mining sector although these have been revised, this has caused some turbulence in terms of projected growth including tax receipts that are so important to the growth we expected,’ Professor Saasa said.
He added, ‘This means that much of the activities that we were expecting whether in terms of infrastructural development, weather in terms of government’s abilities to meet its obligations at different levels has to be scaled down in the next six months to a year until alternative sources are found.’
Professor Saasa said there are limited options for Government to remedy the current economic situation.
‘The options available at the moment for Government are fairly limited. Effectively you are talking about a rather turbulent six months,’ Professor Saasa said.