Zambia’s economic prospects are very dim-Grieve Chelwa
Zambia earned a whopping $ 6.2 billion from the copper industry in 2023 but very little trickled-down to the communities in the country as the mines are foreign-owned.
Grieve Chelwa,Associate Professor of Political Economy at The African Institute at Tri_Continental in United Arab Emirate, insisted
the economy is pretty depressing and shows a gloom picture in the short-term to medium term.
He said of concern were the poor economic indicators. The inflation rate is in double digits, the economic growth rate of 2% is dismal, and a volatile exchange Rate.
Further, the health epidermics of cholera and other diseases provide negative scenarios.
He also dismissed assertions that economic growth will grow at 4% as nothing tangible has been done to change last year’s growth of 2%.
He said Zambia is required to grow at a minimum of 10% to make meaningful impact on the economy, job, and wealth creation.
He also held reservations with the G20 Framework as an instrument to resolve Zambia’s debt crisis.
He said with the multiplicity of creditors what was required was a bilateral approach to each creditors.