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- Create Date December 8, 2023
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Zambia’s economy has had a mixed recovery from the global shocks caused by the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022. Real GDP growth is projected to decrease to 3.6% in 2023 due to the moderating global commodity prices after recovering from -2.8% in 2020 to 4.7% in 2022. The Bank of Zambia (BoZ) has an explicit inflation target band of 6-8%. The Government of has followed prudent fiscal policy by raising government spending during economic downturn and decreasing public spending during economic recovery. Zambia’s external sector has had a mixed recovery from the COVID-19 pandemic in 2020 and has not benefited from the higher commodity prices in the aftermath of the Russia-Ukraine conflict in 2022. Zambia is scheduled to hold its national elections in 2026. The Government of Zambia faces several challenges, but also has significant opportunities for development and progress. Read more accurate and balanced analysis of the political economy in Zambia here: https://politicaleconomy.org.za/2023/12/pesa-editorial-on-zambia-1h2023-24/.
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