Zambia government has revealed that by 2024, the country’s GDP is expected to rise to 4.4 per cent following strategic interventions in the agriculture, tourism, mining, manufacturing, energy, and transport sectors.
The government has also projected a modest 3.5 per cent rise in its Gross Domestic Product (GDP) for 2022, a small rise from the 3.3 expected to have been attained last year.
This is contained in the 2022-2024 Medium Term Budget Plan released by the Ministry of Finance.
It said the economic outlook for 2022 and the medium term is more positive as the pandemic wanes although there are challenges of slow growth, high inflation, and high debt levels exacerbated by the after-effects of the Covid- 19 Pandemic.
“The macroeconomic objectives over the medium term will be aimed at addressing these challenges to restore macroeconomic stability, attain fiscal and debt sustainability, restore economic growth and improve human development,” the paper reads.
The 3.3 per cent projected growth in 2021 was due to favourable performance in the agriculture, energy, construction, and Information and Communication Technology sectors, based on performance in the first three quarters of the year.
The mining sector was projected to record lower output relative to 2020, as open-pit mines faced operational challenges due to heavy rains in the preceding season, coupled with reduced ore grades at some mines.
Tourism activities were projected to remain low, on account of the resurgence in the COVID-19
pandemic which had led to low international tourist arrivals.