In a recent statement, the Policy Monitoring and Research Centre (PMRC) has forecasted a robust economic growth for Zambia, projecting a growth rate exceeding 4 percent in 2024. The positive outlook is attributed to continued policy reforms, higher global copper prices, and increased market confidence resulting from ongoing fiscal consolidation measures.
Sydney Mwamba, the Executive Director of PMRC, expressed optimism about Zambia’s economic prospects in the coming year. He highlighted the positive impact of higher copper prices on the nation’s economy, a significant factor given Zambia’s reliance on copper as a key export.
Mwamba emphasized that the economic outlook for 2024 is underpinned by the government’s commitment to implementing policy reforms. Ongoing fiscal consolidation measures have contributed to building market confidence, a crucial element in attracting investments and stabilizing the economy.
The statement acknowledged the substantial strides made in enhancing human development during 2023, primarily through increased investment in education. Mwamba pointed to the introduction of the Free Education Policy as one of the key milestones achieved in the previous year.
Furthermore, the PMRC Executive Director highlighted a significant achievement in June 2023 when the government reached a staff-level agreement with the Official Creditor Committee (OCC) on a debt treatment aligned with the International Monetary Fund (IMF) program. This agreement is expected to contribute to improving the business environment and key macroeconomic parameters, facilitating economic stabilization.
Mwamba commended the government for maintaining positive relations with both bilateral and multilateral partners. Consistent collaboration with these partners, according to PMRC, plays a vital role in supporting Zambia’s economic agenda and attracting foreign investments.
As the country enters 2024, PMRC remains optimistic that the combination of policy reforms, favorable commodity prices, and concerted efforts towards fiscal consolidation will contribute to a robust and sustainable economic growth trajectory.