ECONOMIST SAYS ZAMBIA MUST PRIORITIZE DOMESTIC ECONOMIC GROWTH AMID GLOBAL TRADE TENSIONS
By Chamuka Shalubala
Economist Dr. Lubinda Haabazoka says the ongoing trade war between the United States and China should serve as a wake-up call for Zambia to prioritize domesticating its Gross Domestic Product -GDP.
Speaking to Phoenix News, Dr. Haabazoka has emphasized the importance of local production, noting that Zambia must focus on producing the majority of goods consumed within the country to avoid being affected by external trade disruptions.
He has explained that for Zambia to remain self-sustainable and competitive, its economy must not be overly reliant on foreign markets and investments.
Dr. Haabazoka has also encouraged citizens to take an active interest in entrepreneurship, stressing that revenue generated from local businesses should stay within the country to support economic growth.
He adds that Zambia should reduce its dependency on imports, warning that overreliance on foreign goods makes the country vulnerable to the negative effects of international trade conflicts.
PHOENIX NEWS
Nothing new here.
Does Zambia make the factory machines that TradeKings runs to produce the detergent soap that Lubinda Habazoka uses to wash his clothes? We trade with other nations because we have to.