Zambia’s finance minister Situmbeko Musokotwane announced last week that in 2022 the Zambian economy had grown by 3.1%, but that the country should aim for higher growth in 2023.
Zambia has seen a drop in inflation from a high of 16.4% in 2021 to 9.9% in 2022.
Zambia has been suffering the consequences of defaulting on its debts in 2020, following 10 years of extreme spending, where the country’s debt exploded from 16% of GDP to 140% by 2020.
The economic consequences of this saw the election of Hakainde Hichilema to the Presidency of Zambia.
Since then, Zambia has embarked on a programme of attempting to restore financial stability, after receiving a loan from the International Monetary Fund.
[Photo: Gianluigi Guercia, AFP/Getty Images]