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2023 economy to be harder than 2022 – Economist predicts

Filed under: Business,Latest News |

Economist Trevor Hambayi has predicted a continued constrained economic activity for the Zambian economy in 2023.

Hambayi says the prevailing economic indicators are showing that 2023 will be harder for the country compared to 2022 especially that the 2023 budget was benched marked on the success of the debt restructuring programme.

According to Phoenix News, Hambayi explains that despite encouraging trends in inward investment, the country is in a challenging position owing to the contraction of the gross domestic product-gdp although there are projections that the real gdp growth is expected to remain positive in 2023.

He says for the economy to expand by 4.0 percent, and 4.1 percent in 2023 and 2024, respectively, there is need for a review of the current policy measures being undertaken.

An International Monetary Fund (IMF) mission is in Zambia for the first review of Zambia’s IMF program under an extended credit facility arrangement approved by the executive board in August 2022 aimed at supporting the government’s reform plan to restore debt sustainability, create fiscal space for much-needed social spending, and achieve sustainable and inclusive economic growth.


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