• Domestic economy contracted by 3.0 percent after recording 20 consecutive years of positive growth.
• This was mainly related to the adverse impact of the COVID-19 shock.
• The recession was less severe than earlier anticipated due to the strong performance in some sectors.

Bank of Zambia Governor says the country’s domestic economy contracted by 3.0 percent after recording 20 consecutive years of positive growth as a result of the Covid-19 pandemic.
In a statement, Christopher Mvunga stated that the adverse impact of the COVID-19 shock has been seen in the wholesale and retail trade, education, construction as well as tourism sectors.
Mr. Mvunga however noted that the recession was less severe than earlier predicted due to the strong performance in sectors such as agriculture, information and communication, and mining.
“As you are already aware, the domestic economy contracted by 3.0 percent after recording 20 consecutive years of positive growth. This was mainly related to the adverse impact of the COVID-19 shock, particularly in the wholesale and retail trade, education, construction as well as tourism sectors. The recession was, however, less severe than earlier anticipated due to the strong performance in the agriculture, information and communication, as well as mining sectors,” Mr. Mvunga noted.
He therefore encouraged Zambians to take the Covid-19 vaccine to enable the country become more productive.
“Our ability to change the direction of the Covid-19 Pandemic depends on us as individuals. While wearing masks, washing hands regularly, reducing public gatherings and staying 1 meter apart from others help reduce our chances of being exposed to the virus or spreading it to others, these measures are not enough. We need to be vaccinated too.”
“As advised by the Ministry of Health, vaccines will work with our immune system making it ready to fight the virus should we be exposed. A growing body of evidence further suggests that fully vaccinated persons are less likely to be infected. After the vaccination, you may also be able to start doing things that you had stopped doing because of the pandemic,” he said.