• It is very possible to achieve a GDP growth rate of 3.5 percent.
• What constitute the country’s GDP mostly is the agriculture and mining industries.
• The GDP growth should translate in the creation of jobs and improvement of the lives of citizens.

An Economist has backed government’s projection that the economy will grow by 3.5 percent this year.
Lubinda Habazooka told Money FM News in an interview that it is possible for Zambia to attain the projected Gross Domestic Product (GDP) growth based on the rate at which the global economy is opening up for trade, movement of people and goods, as well as favorable Copper prices.
Dr. Habazoka said agriculture and mining sectors constitute the country’s GDP, therefore if food and Copper prices remain high, Zambia’s Gross Domestic Product is expected to grow.
“Looking at the rate at which the global economy is opening up for trade and movement of people and goods and looking at the Copper prices, it is very possible to achieve a GDP growth rate of 3.5 percent, because when you see what constitutes GDP mostly it’s the agriculture sector, mining industry and if food prices are going to shoot up and if Copper prices are going to remain high, then we expect Zambia’s GDP to grow,” Dr. Habazooka stated.
And Dr. Habazooka stressed the need to ensure that the country’s GDP translates into employment creation and improvement of people’s livelihoods, by migrating from economic growth that is created by big multinationals to one that is created by households.
He said it is unfortunate that Zambia’s economy especially the mining sector is owned by foreign investors.
“So unfortunately despite the fact that we will talk about GDP, the major thing we need to know is how this IS affecting the common person, so what we need to do is to move away from GDP that is created by big multinationals to a GDP that is created by households because GDP starts at the household level. If GDP contribution is going to be tentative, then we expect that whenever this figure goes up it will be a measure of improvement in the livelihood and wealth creation, and income generation for households.”
“At this point I think we need to focus as a country on trying to encourage people to do business to create wealth, let us not look at suspicions with people that are trying hard to make it. The only problem with Zambians is that we are absent when a person is struggling to settle down and create a business; we are only present to accuse them when that person is already successful. So I think let’s help each other as Zambians and create an American culture within Zambia of encouraging people to be self-sufficient and to create wealth,” he emphasized.
Government has projected 3.5 percent Gross Domestic Product (GDP) growth in 2022, 3.7 percent in 2023 and 4.4 percent in 2024.
According to the 2022-2024 Medium Term Budget Plan recently released by Ministry of Finance, real GDP is over the medium term projected to recover from a contraction of 2.8 percent registered in 2020.