Zambia targets 3.5 percent GDP growth in 2022

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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Zambia targets to grow its economy at 3.5 percent by the end of 2022, the country’s finance and national planning minister said on Friday.

Unveiling the 2022 national budget under the theme, “Growth, Jobs and Taking Development Closer to the People”, Situmbeko Musokotwane said the country’s economy was at crossroads hence the government’s decision to anchor the budget on economic transformation.

“Our economy is at crossroads, growth is low, debt has reached unsustainable levels, fiscal space or finances are constrained and the cost of living has escalated beyond the reach of many Zambians,” he said.

He said the challenges faced in the economy require dedication and hard work to turn the situation around, adding that the new government has embarked on a journey aimed at ensuring that the economy grows every year.

The economy contracted by 2.8 percent in 2020.

He said the agriculture sector presents the best opportunity to attain growth since 60 percent of the population depends on the sector, adding that the government will have to tackle challenges that have inhibited the growth of the sector.

The government, he said, has also identified tourism, mining as well as manufacturing and industrialization as cardinal in economic transformation. Enditem

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