Former Bank of Zambia Governor Jacob Mwanza says he is confident the economic recession being experience worldwide will short-term.
Dr. Mwanza who is also former University of Zambia Vice chancellor said this is so in that all countries have realized the need to stimulate the economy by pumping billions of dollars to activate the lending systems thereby providing resources for investments.
Speaking in an interview with ZANIS in Lusaka today at the International Airport upon his arrival from Chipata where he accompanied President Rupiah Banda, Dr. Mwanza pointed out that so many remedial measures have been put by countries to correct the recession.
Dr. Mwanza ,a renown economist, pointed out that the financial problems that Zambia was going through should not be blamed on any one because the situation is due to globalization.
“What happens in any major economic leading countries affects everybody. If anything it’s the major financial giants who should be blamed for their recklessness in managing their credit portfolios which ended with no values because they could not be recovered,” said Dr. Mwanza.
He noted that Zambia can not escape the economic recession being experienced world wide especially that it relies on copper exports which have been affected by dramatic drop in prices.
The former Bank of Zambia Governor however said the future is bright because big countries like China will bounce back and the demand for copper will once again go up.
He echoed President Banda’s call for the country to diversify its economy saying the country needs to move away from reliance on one commodity.