Zambia sets ambitious growth target of 7% over next 3 years
Zambia’s Finance Ministry announced plans to boost economic growth to an average of 7% annually through 2029, building on recent progress in debt restructuring and economic reforms.
The government’s medium-term macroeconomic framework projects growth rates of 6.0% in 2027, 7.5% in 2028, and 7.1% in 2029. This follows the 6.4% growth forecast for 2026 outlined in this year’s budget. In contrast, the International Monetary Fund currently estimates a more modest 4.3% growth for 2024.
Finance Minister Situmbeko Musokotwane, recently reappointed following the latest election, emphasized the government’s focus on moving beyond economic stabilization toward securing greater investment, expanding exports, and creating jobs. Key sectors targeted include mining, energy, and agriculture, vital to Zambia’s economic future.
Minister Musokotwane, who played a central role in negotiating Zambia’s debt restructuring after the country defaulted during the COVID-19 pandemic, highlighted ongoing efforts to finalize a new IMF program before the end of the year. This would succeed the previous US$1.7 billion arrangement that expired in January.
With these measures, Zambia aims to strengthen its economic foundations, attract investment, and foster sustainable growth that benefits its citizens across multiple sectors.
