Several interest groups have expressed happiness at Zambia’s latest raking as one of the world’s fastest-growing economies in the next five years and attributed the success to Government’s prudent and consistent policies that support long-term economic growth.
Chamber of Mines president Nathan Chishimba said the positive strides Zambia was making in the global economy were an indication that forward-looking policies that support long-term growth had a positive impact on the economy.
The January 6, 2011 edition of The Economist has graded Zambia as number nine on the list of 10 countries whose economies would peak between this year and 2015 because of rising Foreign Direct Investment (FDI) and prudent economic management, among other factors.
Mr Chishimba said it was evident in Zambia policy emphasis had been on economic growth led by four sectors which included mining, manufacturing, agriculture and tourism.
He said all the sectors had seen considerable investments in the last few years, resulting in the growth of the economy.
“The positive strides Zambia is making in global rankings are a reflection that prudent, consistent and proactive policies that support long-term growth in the economy have a positive impact on the economy.
“It is also a reflection that Foreign Direct Investment is a necessary ingredient to accelerating expansion of the domestic economy,” Mr Chishimba said.
In a separate interview, Private Sector Development Association chairperson Yusuf Dodia said it was encouraging to get positive feedback on Zambia’s economic performance.Mr Dodia said it was important that the Zambian Government placed emphasis on diversifying the economy so that if copper prices on the international market fell, other sectors could lead the economy.
He said Zambia should also strengthen the processing industry so that the bumper harvest being recorded could have a major impact.
Zambia Chamber of Commerce and Industry president Geoffrey Sakulanda said prudent economic management and fiscal discipline should be credited for Zambia’s high standing in the world.
Mr Sakulanda said the Government’s reduced borrowing from commercial banks had worked well for the economy.
Global Commodity Market Institute country director Mwango Chisha said Zambia should maintain prudent economic management to attract more FDI.
Mr Chisha said good economic policies were responsible for attracting massive investment from countries such as Brazil.
Hotel and Catering Association of Zambia Copperbelt chairperson Kenneth Mulalami said it was encouraging that Zambia earned a positive ranking because it was good for the hotel sector.
[Times of Zambia]
but who is enjoying those good policies..?the investors not us as ordinary Zambians..!
It is very strange to note that while a few people are happy with the current economic trends in the country while the rest of the Zambian people live in abject poverty. We in the diaspora read these things and sometimes we get deceived. I was in Zambia last December and to say the truth, I was not impressed with what I saw. I can summarise it in this way, Zambia especially on the copperbelt looks like a war zone. Talk of the roads, buildings, lack of water, depression on people’s faces, name them. I asked a number of people about their impression on MMD govt, none of them had kind words. In fact most of them were just insulting the govt. Even one of my Magistrate friends on the C/belt mentioned to me that change is inevitable. I wonder how this mmd govt even get some votes on the C/belt
People are hungry and angry with this govt. So for somebody to even wake and say “Zambia’s good ranking continues to impress” must have smoked some kaya or kumba-fire. I cant say more. Abantu balifulwa, naliimwena.
Could someone school me on what the measurement of growth is? Economy to grow by 6.6%, not even RSA is within that range, Industrialised RSA for that matter. Where are the factories? where are the jobs? Is growth by trade, imports? Shopping malls, Chinese road contractors, mines that bank outside Zambia?
#1,#2 and #3 That is what is wrong in Zambia. The so called interest groups are happy because they will rape the wealth and send it back to their country without restrictions -no care about what the owners of the country gets out of this. Just recently KCM took the DC of Chililabombwe to India and this guy is jumping up down with excitement. Ask what benefit his trip will be to the general population he gets lost. But he is a happy and has bought an Ipsum from the allowances they gave him.
LT what moderation? These are facts and no insults have been used.
1,#2 and #3 That is what is wrong in Zambia. The so called interest groups are happy because they will rape the wealth and send it back to their country without restrictions -no care about what the owners of the country gets out of this. Just recently KCM took one DC to India and this guy is jumping up down with excitement. Ask what benefit his trip will be to the general population he gets lost. But he is a happy and has bought an Ipsum from the allowances they gave him.
Nathan Chishimba is representing the mines who have been “spared” from the windfall tax hence his comment.As for Yusuf Dodia, please get feedback on Zambia’s “positive” economic performance from the man in the street.
Yes it is good for those who are reaping.
Funy!!! i just went to my insirance company only to find out that GRZ has added tax to motor vehicle insurance. Third Party Insurance is now K522,000.00. When will my guard have a car? Road tax was recently increased and yet new roads are not created. Bwafya.
awe mwe. zambians always have a negative attitude. be happy that zambia is moving in the right direction. I bet if the Economist had said Zambia was one of the slowest developing economies people would have been on this site pointing fingers. yaba.
The economy of a country doing well iz like the quality of a product; it’s not the manufacturer to say this iz a quality product, but the consumerz.
@ #9 Iwe naiwe chile, Its not the issue of being negative, but lets face reality man. If you are one of the beneficiaries of this corrupt mmd govt. so luck you, atleast for now. Things are not ok pa zed. Economic growth should be accompanied by job creation, rise in the standard of living, infrustructure development (especially roads, clinics, schools, hospitals, etc), people being able to afford basic commodities, and so on. Finshi ulelanda iwe.
Lt what moderation are you talking about. I dont believe in insults, but facts.
# chile 11. Its not being NEGATIVE. Its the truth. These reports are very misleading. If you are in Zambia or have been to Zambia recently, you wont be saying that. As one blogger puts it some parts of Zambia look like we are just coming out of a civil war. What type of development are they talking about if most of the Zambians luck basic needs? Even people living ku ma yard are using buckets/drums in the bathrooms and you call that development. Shame!
you guys deja vu and the rest of your ilk need to get a life. how can you be so negative?? are you telling me there are no poor people in the UK or the USA or europe? does it mean that if the UK say their economy is growing even though poverty is also growing it means their govt is doing nothing? lets be serious when we discuss issues. Zambia is doing well economically driven by increased FDI. as the economy grows and more people get jobs then people will set up factories to produce consumer goods that will be demanded by the growing middle class. even India which is growing fast as well the growth is driven by the growing wealthy middle class. the issue of poverty is not an economic growth issue, it is an income distribution issue. what we should be looking at doing is a welfare system
thats why in zambia now the MMD govt you hate so much is implementing a social protection scheme through community development that is providing cash vouchers to vulnerable people in the cities. its been hailed by everyone as a very good scheme that others are coming to study. in terms of rural areas as you know zambia has a successful Food Security Programme (FSP) fully funded by zambian taxpayers and which has enabled zambia have a bumper harvest. right now in the rural reas many peasant farmers have more money in their pockets than even you so called diaspora!!
Regardless of the negative comments, I believe the economy is indeed growing as figures from different sources show. Herebelow are the figures from the CIA
GDP real growth rates for Zambia:
6.3% (2009 est.)
country comparison to the world: 15
5.7% (2008 est.)
6.2% (2007 est.)
#15-16. I really sympathise with you as you are so du.ll that you are unable articulate issues as they are. Anyway goodluck with your stand. No further comments.
wealth of a country is not measured by the presene/ absence of the poor.it measure by how much you produce compared to your expenditure. and zambia’s production outwieghs is expendidure. in that respect you can say we are doing well. when we sustain this picture for years then there will be enough for structural reconstruction, more people have a steady income etc. but that stage cannot be reached unless there is more positive growth. so these statistics which people are being referred to are important, otherwise we won’t know where we are.
EXACTLY MY BROTHER GLOBAL CITIZEN. This is what we are all saying. Zambia needs economic growth to create wealth and defeat poverty and thats why we keep saying why risk our country’s future with an illiterate? I do not understand what more MMD can do? people forget that under MMD Zambia has sustained a real GDP growth rate of about 3% since 1993!!! How many countries apart from china and brazil can match that? defeating poverty takes a long time as china has seen and there is no country anywhere in the world that has been able to completely eradicate poverty. what a government can do is try to provide the basics but zambia can only do so much until we have more zambian employed or doing business and paying taxes
no 15 even your name shows what kind of person you are. no one says zambia is perfect but the fact is the economy is growing and more and more people are getting out of poverty. we still have a long way to go but if we could reduce on negativity and nastiness our country would be even better than it is today
bravo No 22
only to find it is 98% of bembas again commenting negativly on every good report on Banda lead GRZ.
When FJT was raping the country they were quiet. Now they want Sata to have a go at destroying Zambia just because he comes from the North. When Fr Bwalya was encouraging upraisings they were cheering him on. When Satas MPs can not account for money in thier areas they are queit. Gents zambia is multitribal pleas and every zambian has a vote not just bembas so will will see how Bandas GRZ will lose.
Iwe wecipumbu 24 FTJ brought this change and never raped you! Talk about something else if you have no story to tell! Why do you hate him so much?
Positive news, but the money earned from copper should be invested in manufacturing industries, proper infrastructure, more schools and universities. The much vaunted growth is brought about by the high price of one single commodity, copper. Remove copper from the equation and we are back to square A. We should be in a hurry to diversify in other industries.
#24 You are right and thats what these people do but am not from the east. #25 you partially, he brought these changes,stole money for poor Zambians and also stole someones wife.
My advice to most bloggers above is; please read about GDP particularly what is implied by ‘growth’.
No 19 pliz don ‘t label anyone dull etc …u talk of facts tell us why India is the fastest growing economy with very high levels of poverty…Zambia is making good progress in terms of infrustructure development and repair,the problem with you and others abroad is you are comparing JOZI to LSK,no way u can t do that,Zambia is on course in terms of development,sad u can t see! Why is it always what the Govt should do for Zambia? What are you doing for mother Zambia?Don ‘t 4get mother Zambia paid for ALL your school fees upto CBU and all you do is run away to work in SA.You and others abroad d be thinking of ways of making money thus creating jobs for others who never had a chance like u to go to CBU then SA and keep saying NSHAMONAPO INE…what are u doing for Zambia?
It is very difficult to argue with people who have come to accept sub standard living conditions as normal. We don not need to compare our country with economically strong nations but the truth is Zambia has been lagging behind in development. We shouldnt be in denial, we could have done better with the resources we have. But due to misplaced priorities our country is a sorry sight. E.g. Lusaka our capital city has no public toilets. The one toilet in Katondo street(with no running water) was built before 1964.
Foreign Direct Investment is fine but the fact still remains that we need to domesticate investment. Foreign capital is highly mobile thus over relying on FDI risks our growth too. Building a clientel of local investors is the way to go here.