Saturday, March 2, 2024

Zambia’s Economic prospects for 2020 are positive, President Lungu tells Diplomats


President Edgar Lungu has said that Zambia’s Economic prospects for 2020 are positive.

Addressing the Diplomatic Corps at State House Thursday afternoon, during during the Annual Greetings events, the President said that projections include a real growth rate of 3 percent and inflation to be maintained within the range of 6 to 8 percent.

President Lungu said this during the Annual Greetings of the Diplomatic Corps at State House Thursday afternoon.

“In addition, the fiscal deficit is expected to reduce to 5.5 percent and domestic revenue mobilization is projected to increase to at least 22 percent of Gross Domestic Product (GDP). Fiscal consolidation will continue to be a priority to ensure sustainable and inclusive growth,” he said.

“Furthermore, I wish to announce that this year, the Zambian Government will continue to anchor our efforts on the five development strategic areas of the Seventh National Development Plan. These are economic diversification and job creation; poverty and vulnerability reduction; enhanced human development improvement; development inequalities reduction, and creating a condusive governance environment for a diversified economy. I, therefore, appeal to all of you, for your continued unwavering support.”

On Trade and Investment, President Lungu noted that there is potential for improved partnerships with other governments given Zambia’s focus on economic diversification as well as many investment opportunities Zambia offers.

He emphasized that Zambia continues to offer a favourable business environment based on its strategic location in the region.

“However, like many other countries in the Southern African Region and beyond, the Zambian economy during the rest of 2019 was negatively affected by various issues notably, adverse climate conditions caused by poor rainfall during the 2018/2019 farming season,” said the President.

“This, in turn, negatively affected agricultural production and electricity generation which led to spill-over effects in other sectors. Economic growth was also affected by a decline in copper output, coupled with lower copper prices caused by a reduction in global demand.”

And in giving the votes of thanks, Dean of Diplomatic Corps Jeronimo Chivavi, who is also Mozambique High Commissioner to Zambia, observed the need for greater collaboration in addressing the effects of climate change.


  1. How?…By borrowing more money from China?
    With the current debt repayment obligations(40% of budget expenditure).It seems impossible

  2. Indeed positive outlook. Which is why we have seen investors pledging to invest in Zambia recently. And we are talking millions of dollars here. If Zambia was not being ruled well, non of that would happen. Let us celebrate positive developments. Our humble leader is providing effective leadership. 2021 he has my and millions of zambians votes. Kz

    • Worst president on earth, even those kids you pulled a gun on can perform better than this drunk, positive in his small ka brain in his own world, this chap should just for once admit failure, positive out look you mean more loans and taxes ….. Just go and drink iwe….useless chap

  3. The devil’s in the details! Action, not words Mr. Lungu! After 5 years of failure, you think you can manage now?
    The PF govt actions are not showing any positive signs of dealing with the economy. Instead of reducing expenditure, you want to.increase by adding Deputy Ministers; you pledged to stop your flights out of the country, they have remained the same. Corruption? Still the same!
    Kuwayawaya fye!!
    You are even proud of 3% growth when you found it at 8%!
    Time to change drivers!!

  4. I have only one message for PF and Lungu and that is to read Ephesians 4:28. Type the scripture on Google search uf you don’t have bibles.

  5. He is delusional ….He completely avoids talking about the debt situation which all the diplomats are well aware of. If you don’t take even the slightest responsibility of our current status then we are headed nowhere 🙁

  6. Lungu is man who clearly has no idea about the country’e economy. This man does to know if he is moving forward, backward, sideways or is statistic. Pathetic!!

  7. Fundamentals on he ground point in the opposite direction!! Its in his mind that he sees positive when all around him are negatives. Its one thing to be optimistic but not in the midst of gloom. He must be praying for a miracle.

  8. “….President Lungu noted that there is potential for improved ….”

    Really ? Still talking about potential at this hour ?

    I have nothing……

  9. Where are at? Lets have figures.

    Diversification, Diversification, Diversification.

    Just how much of work in this word have done?

    Peddle down ECL, let’s do this fellaz

  10. President Lungu is mean with truth. Where does he get those positive economic prospects for 2020. Zambia Economic Association has not issued those comments, African Confidential has neither made those comments to be associated with Zambia. President Lungu was even missing on the African leaders Economic summit that attended the conference in London a week ago. From this summit commentary of economic growth prospects were discussed but Lungu was absent. President Lungu should give Zambians his source of these pronouncements lest we think he has no vision and speaks from a sele-leque stupor.

  11. Lungu that 3% economic growth is NOT positive when you consider the high inflation of 8% and the population increase of 2%. Stop lying to Zambians with misleading figures.

    Remember the Mukula story is NOT going away, & you can intimidate poor Zambian reporters, BUT the international investigative organisation that exposed you & your equally long fingered Daughter are standing by their report, & IT WILL GET HOT AS WE APPROACH ELECTION TIME!
    It will make Frederick Kiluba’s Zamtrop Corruption case look like a Sunday Children’s picnic.
    You have been warned!

  13. Substitute “Zambia’s economic prospects” for “lungu’s economic prospects” and this story will be much more believable.

  14. Some of you complain and criticize the government from Monday to Friday without fail like it is a full time job. Its Friday, for a change let us discuss something positive. I will start. My self my weekend has already started. I am currently sipping on Hennessy. For Tomorrow I have a bottle of a 20 year old whiskey specially bought from Japan. What is everyone doing? Happy weekend. With love. Kz x

  15. What a dreamer this Lungu is! Positive economic progress without electricity! That’s the problem with people who think national prayers will solve their problems.

  16. @KZ why the government does not function is because we criticise Monday to Friday. We should be critical Monday to Sunday.

  17. Iwe ka Kaiser, just shut up! After terrorizing innocent citizens now you want to appear like you are a saint? Read the mood of people bwana. The only way for pf to win next years election is through rigging. Try it again and don’t say you were not warned.

  18. Mr President, the truth of matter is that today when you talk, no one serious takes you seriously mainly because of your short presidential history which has clearly shown that what you say and what you do in most cases do not corallate, and Sir, that is a problem that you yourself can fix, One example which is glaring is your pronouncements of stopping electoral violence which keeps going up each time you talk and the firing in national interest of police officers who were doing their work correctly just to mention one example SIR.

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