Big boosters to stimulate Zambia’s growth!
Notice: Undefined index: catFilterList in /home/zambi/public_html/wp-content/plugins/wp-likes/api.php on line 243
By Kelvin Chisanga, Zambian Social Economist
(*+260 97 9305194*)
Monday, 17th October, 2022
AS ZAMBIA tries to pull out of the current economic quagmire, we need to strongly put some deep innovative thoughts around economic growth with redistribution, foster broad based diversity in export values and work to trigger growth of skills in the labour force.
Zambia requires strong and demanding needs to steer sectorial focus by making sure that both primary and secondary sectors of the economy are pushed up rather than the current happenings where we have always seen tertiary industry to be the one firing up our economic engines, in fostering of the Gross Domestic Product (GDP) expansion of economic growth.
Though, the worry now sits with the debt to GDP ratio and also worrisome on budget primary balance making a small percentage towards social protection sector since debts is taking a serious toll.
We need to push for local industrialization and production, we also need to foster productive labour force. We need to build skills based on industry’s changing dynamics.
We need to also build social and political stability in order to trigger a fully charged, conducive and smooth economic environment.
We need to build enterprising development, entrepreneurs are key and are the one who solve problems, they do bring out many solutions on the table.
We need to make sure that there is a deep sense of having an equitable land ownership to cultivate, and we also need to put this opportunity to its full scale benefit.
In future, Zambia needs to venture into municipal bonds as a way of resource mobilisation. And we need to bring to the forth improved learning outcomes since we have embarked on free education.
We also need to upscale our international links, with stiff commitment to begin with the global, continental and regional integration, we should also aim to foster some positive developmental co-operations, we must also endeavour to indulge into strong economic diplomacy and foster a firm collaborative linkage with key trade blocks”.
The Gross Domestic Product (GDP) in Zambia was worth 21.20 billion US dollars in 2021, according to official data from the World Bank. The GDP value of Zambia represents 0.02 percent of the world economy. source: World Bank
Agriculture Construction Economy Energy Finance Industry Mining Telecoms Tourism Transport News Interviews Reports Newsletter Properties Events Social Links Twitter LinkedIn Facebook ECONOMY Zambia GDP to Grow 3.1% and 3.6% in 2022 and 2023, IMF Projects JUNE 20, 2022 2 MINUTE READ The International Monetary Fund (IMF) has recently released its World Economic Outlook Report (WEO) 2022, projecting a Gross Domestic Product (GDP) growth of +3.1% and +3.6% for Zambia in 2022 and 2023. Global Economic Growth in 2022 and 2023 Global economic prospects have worsened significantly since the IMF’s last World Economic Outlook forecast in January 2022, the report explains. At the time, the IMF had projected the global recovery to strengthen from the second quarter of 2022 after a short-lived impact of the Omicron variant. Since then, the outlook has deteriorated largely because of Russia’s invasion of Ukraine—causing a tragic humanitarian crisis in Eastern Europe—and the sanctions aimed at pressuring Russia to end hostilities. This crisis unfolds while the global economy was on a mending path but had not yet fully recovered from the COVID-19 pandemic, with a significant divergence between the economic recoveries of advanced economies and emerging markets and developing ones. In addition to the war, frequent and wider-ranging lockdowns in China—including in key manufacturing hubs—have also slowed activity there and could cause new bottlenecks in global supply chains. Higher, broader, and more persistent price pressures also led to a tightening of monetary policy in many countries. Overall risks to economic prospects have risen sharply and policy trade-offs have become ever more challenging. Beyond the immediate humanitarian impacts, the war will severely set back the global recovery, slowing growth and increasing inflation even further. The report projects global growth at 3.6% in 2022 and 2023 from an estimated 6.1% in 2021. The downgrade largely reflects the war’s direct impacts on Russia and Ukraine and global spillovers. RELATED POST: Zambia Investment Agency Signs MoU with Kenya Investment Authority Beyond 2023, global growth is forecast to decline to about 3.3% over the medium term. Because Russia is a major supplier of oil, gas, and metals, and, together with Ukraine, of wheat and corn, the current and anticipated decline in the supply of these commodities has already driven their prices up sharply. Europe, Caucasus and Central Asia, Middle East and North Africa, and sub-Saharan Africa are most affected. The food and fuel price increases will hurt lower-income households globally. Moreover, many countries have limited fiscal policy space to cushion the impact of the war on their economies. In this difficult and uncertain environment, effective national-level policies and multilateral efforts have an ever more important role in shaping economic outcomes. Central banks will need to adjust their monetary stances even more aggressively should medium- or long-term inflation expectations start drifting from central bank targets or core inflation remains persistently elevated. Zambia’s Economic Growth in 2022 and 2023 According to the IMF, the economy of Zambia grew by -2.8% in 2020, and by 4.3% in 2021, impacted by the Covid-19 pandemic. The IMF projects that Zambia’s real GDP growth will be 3.1% in 2022, 3.6% in 2023, and 4.8% in 2027. During the same period, the real GDP growth for Sub-Saharan Africa is projected to be 3.8%, 4.0%, and 4.4%. GDP IMF Tweet Share 35 Sign Up for Our Newsletters Receive our free updates on business and investments Subscribe Follow Us Twitter LinkedIn Facebook Latest News MINING One Month Left to the 10th Zambia International Mining and Energy Conference & Exhibition (1-3 November 2022) MINING ZIMEC International Mining & Energy Conference: 1st-3rd November 2022 ECONOMY Zambia’s Inflation Down to 9.8% in August 2022 ECONOMY IMF Approves USD 1.3 Billion Extended Credit Facility for Zambia Related Posts Read More ECONOMY Zambia’s Inflation Down to 9.8% in August 2022 Zambia’s Annual inflation for August 2022 decreased to 9.8% from 9.9% recorded in July 2022. This means that on… Read More ECONOMY IMF Approves USD 1.3 Billion Extended Credit Facility for Zambia The Executive Board of the International Monetary Fund (IMF) just approved a 38-month arrangement under the Extended Credit… Read More ECONOMY Zambia Investment Agency Signs MoU with Kenya Investment Authority On 21st June 202, the Zambia Development Agency (ZDA) and the Kenya Investment Authority (KenInvest) signed a five-year… Read More ECONOMY Zambia’s Implementation of Economic Program is Impressive, IMF Says Ms. Antoinette M. Sayeh, Deputy Managing Director of the International Monetary Fund (IMF), recently visit Zambia and issued… Sign Up for Our Newsletters Receive our free updates on business and investments Subscribe ZambiaInvest Advertise Contact Terms & Conditions © 2022 copyright ZambiaInvest. All rights reserved. This website uses cookies to improve your experience. By continuing to browse the site, you are agreeing to our use of cookies.Accept
Read more at: https://www.zambiainvest.com/economy/world-economic-outlook-report-imf-2022/ and follow us on www.twitter.com/zambia_invest