Saturday, April 20, 2024

Economist Forecasts Economic Rebound for Zambia Despite Challenges

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Despite prevailing challenges, economist Amos Chibinda, based in Livingstone, remains optimistic about Zambia’s economic prospects, citing positive key indicators that signal a potential rebound in the near future.

Chibinda’s assessment comes in light of Zambia’s economic performance in 2023, which saw a growth rate of 4.3%, slightly lower than the previous year’s 4.7%. Despite this slight decrease, Chibinda emphasized the significance of maintaining positive growth amidst challenging circumstances.

Notably, Zambia managed to achieve this growth despite facing a considerable reduction in copper production, a crucial source of foreign exchange earnings for the country. Chibinda attributes this resilience to the guaranteed production commitments from major mining entities such as Mopani Copper Mines, Konkola Copper Mines, First Quantum, and Barrick.

However, Chibinda cautions that the looming threat of hunger, exacerbated by drought conditions, poses a significant risk to the projected economic growth for the current year. He emphasizes the importance of proactive measures to address food security concerns and mitigate their impact on the economy.

In addressing broader economic challenges, Chibinda urged the UPND government to expedite negotiations for debt restructuring with private lenders. He emphasizes that ensuring adequate liquidity in the economy is essential for investing in key sectors such as manufacturing and tourism, which are crucial for sustaining the positive economic trajectory.

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