Sunday, February 25, 2024

PMRC Forecasts Over 4% Economic Growth for Zambia in 2024

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In a recent statement, the Policy Monitoring and Research Centre (PMRC) has forecasted a robust economic growth for Zambia, projecting a growth rate exceeding 4 percent in 2024. The positive outlook is attributed to continued policy reforms, higher global copper prices, and increased market confidence resulting from ongoing fiscal consolidation measures.

Sydney Mwamba, the Executive Director of PMRC, expressed optimism about Zambia’s economic prospects in the coming year. He highlighted the positive impact of higher copper prices on the nation’s economy, a significant factor given Zambia’s reliance on copper as a key export.

Mwamba emphasized that the economic outlook for 2024 is underpinned by the government’s commitment to implementing policy reforms. Ongoing fiscal consolidation measures have contributed to building market confidence, a crucial element in attracting investments and stabilizing the economy.

The statement acknowledged the substantial strides made in enhancing human development during 2023, primarily through increased investment in education. Mwamba pointed to the introduction of the Free Education Policy as one of the key milestones achieved in the previous year.

Furthermore, the PMRC Executive Director highlighted a significant achievement in June 2023 when the government reached a staff-level agreement with the Official Creditor Committee (OCC) on a debt treatment aligned with the International Monetary Fund (IMF) program. This agreement is expected to contribute to improving the business environment and key macroeconomic parameters, facilitating economic stabilization.

Mwamba commended the government for maintaining positive relations with both bilateral and multilateral partners. Consistent collaboration with these partners, according to PMRC, plays a vital role in supporting Zambia’s economic agenda and attracting foreign investments.

As the country enters 2024, PMRC remains optimistic that the combination of policy reforms, favorable commodity prices, and concerted efforts towards fiscal consolidation will contribute to a robust and sustainable economic growth trajectory.

10 COMMENTS

  1. ………

    There is room to reduce the cost of living as we approach 2026………

    The economic engine will also be working……..

    Forward 2031………

    3
    4
    • @Spaka: I think economic grow will be around 5 or 6%. This is because the debt relief Zambia negotiated involved a major hair-cut in which interest rate payments on the enormous debt US $33 billion Michael Satan and his nephew, Edgar “Johnathan Mutawire” Lungu, borrowed and looted will deferred for 3 years. This will give the honest government of UPND to effect relief to people of Zambia. All that is remaining for it to be implemented is for China to sign it. The Chinese reneged on their earlier assent to the deal, when they found out that the Eurobond holders, got a better deal than they. Once this can be ironed out, the deal will be signed, and then we will move from there.

  2. Robust copper prices? What does it benefit our economy when the returns are kept by the miner? We are closing the year at the lowest ebb ever so what are the indicators for this forecast. And what makes someone think that copper price will hold let alone rise?

    • The kwacha has just breached the 26 kwacha to the US$. Where is this growth going to come from? Are there just to make the president happy or just to mislead him?

    • Copper price will hold. It will rise as Elon Musk raises production of E-vehicles, while earthquake prone Turkey, Japan Indonesia all need copper to repair their electrical systems, Also as wars break out and increase in, Palestine, Ukraine, Sudan, Chad, Ethiopia, Myanmar, Kosovo. France needs bullets for various interventions in Africa. Ya! Any analyst has factored in all these happenings for 2024 growth. Although Zambia should be happy even with 2 persent I do fore see a 5% growth

  3. Sometimes one wonders were will these so called growth will come from, Zambia produces everytime yet Zambians themselves don’t benefit from it, so what makes the PMRC forecast to think that their prediction shall come to pass? Hundreds of tucks of copper goes out of the country every day and yet the economy does not grow, so it’s better for you to stop fooling the Zambian people we are not fools.

  4. Would anyone put their saving in a bank interest free I think not
    Investors want a good return on their investments too
    the fact that bad deals for Zambia set up in the past will be rectified in the future

  5. HOW CHINA PLAYED THE FORMER GREEDY PF GOVERNMENT TO BENEFITTHE FROM THE LOANS TWICE:
    The Chinese loans proved too easy to acquire by the sleeping greedy pf government, little did they know that Zambia would have to pay for the loans twice. With the ambitious agenda to develop the Zambia infrastructure Chinese companies were contracted to build roads and bridges. The Chinese companies were paid from the loans acquired from china and in return shipped their money back to china, first Benefit for china. And still Zambia needs to repay the principal loans with interest to china to benefit them twice. This is how china is reaping from sleeping African governments like the pf. Now pf is angry with HH to do the same and Fred has joined pf…are you crazy!

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