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Zambia’s economy is projected to grow by just 2.7% in 2023, down from 4.7% in 2022. The decline is on account of contractions in the mining and energy sectors
Zambia’s economy is projected to grow by just 2.7% in 2023, down from 4.7% in 2022. The decline is on account of contractions in the mining and energy sectors. After becoming the first country in Africa to default on its sovereign debt in 2020, Zambia has finally completed a long-delayed debt restructuring plan with the International Monetary Fund (IMF).By 2026, the IMF predicted that this will save the southern African nation US$7.65 billion.
Based on improvements in macroeconomic conditions and the enactment of reforms, the budget plan projects that Zambia’s GDP will grow by 4.8% in 2024, 4.3% in 2025, and 5.0% in 2026.
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As Zambia works to restore fiscal sustainability, the country is experiencing a rise in confidence, according to Secretary to the Treasury, Zambia, Felix Nkulukusa.
