[miningmx.com] – MADAGASCAR’S economic growth forecast has been trimmed by the World Bank to 3.5% this year from 4% previously owing to a slowdown in mining activity and poor weather, said Reuters.
A slowdown in the vital mining industry was also expected to cut into economic activity,
Keiko Kubota, the World Bank’s lead economist for Madagascar told Reuters. Falling commodity prices forcing firms to reduce production and lay off staff, she said.
“It’s been raining in the northern parts and there has been absolute drought in the south. The combined effected have been horrible on agriculture,” she said, adding that the country’s longer term prospects may also be harmed if a political row following the impeachment of President Hery Rajaonarimampianina persists.
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