The Ministry of Finance and Economic Development has projected that the economy will deteriorate to -3 or -6 per cent in 2019.
The Ministry’s budget strategy paper attributes the economic decline to a number of factors, including drought, shortages of foreign currency, electricity, and fuel. The Ministry said:
The economy is therefore projected to underperform by as much as -3 percent to -6 percent in 2019.
The sectors projected to slow down include electricity and water, agriculture and mining, with all other sectors being also affected through close linkages.
The projections come after the ministry had projected at the end of last year that the economy would grow by 3.1 per cent this year.
Finance Minister had said that the policies which the government was adopting were likely to transform the economy.
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