Zambian Economy registers 4.7 growth
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By Henry Chunza
SINCE President Hakainde Hichilema took over as Seventh (7th) Republican Head of State and Government, the Zambian economy has registered a convincing 4.7 per cent, a record only comparable to 2014, when a similar pattern was recorded during 5th Republican President, the late Michael Charles Chilufya Sata’s reign.
Both local and international economic think-tanks are painting a growth pattern as Zambia moves closer toward consolidating her prosperity trajectory, as a land of opportunity for those with a zeal for diligence.
Luckily for Zambia, her 4.7 per cent Gross Domestic Product (GDP) growth is showing light at the end of what skeptics hate as this rate is double the population, which is growing at just below 2.7 per cent.
Earlier, people had projected the economy to be a modest 18 million, but when Central Statistical Agency (SCA) Statistician General Mulenga Musepa and Minister of Finance and National Planning (MoFNP) pegged the figure at 19.7 most people thought the statistic was exaggerated.
“Zambia’s economy is growing at 4.7 per cent. It is only equaled to the same growth pattern recorded in 2014 during ‘King Cobra Sata’s’ reign. What is encouraging is that as indicated above, the economy had slumped or was in recession at a rate of negative 2.8 when 6th President Edgar Chagwa Lungu of the Patriotic Front (PF) Boat People, left office on Thursday, 12th August, 2021, succeeded by the United Party for National Development (UPND),” says Derrick Sinjela, Executive President of the Zambian Developmental Media alliance (ZADEMA).
According to economic think tanks, despite this promising picture painted above, it is worrying that the Zambian growth pattern is being pushed by non-traditional sectors of the economy.
While, in both the Seventh National Development Plan (7NDP) and the current 8NDP Government is projecting agriculture, tourism and as a basis for growth, this springboard comprises education, trade, storage transportation, manufacturing and Information Communication Technology (ICT).
Developments in the education sector which saw government recruit teachers, including a free education policy pushed by President Hichilema are creating a firm foundation on which to grow the economy on account of the number of schools spread across Zambia’s 116 districts of her ten (10) provinces.
