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Unpacking Zambia

Positive vibes, but structural reforms are needed

Standard Bank expect GDP growth to expand by 4.4% y/y in 2018 and 4.9% y/y in 2019, underpinned by a recovery in the mining and agricultural sectors. However, due to a rather slow pick-up in economic activity as well as a downward revision to H1:17 growth, they now expect the economy to grow by 3.5% y/y, from our previous 3.8% y/y estimate.