Zambia Sets Sights on 7% Average Growth Over Next Three Years
Zambia's finance ministry projects average growth of 7% over the next three years, with annual targets of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029.
Zambia is targeting average economic growth of 7% over the next three years, its finance ministry has said, as the southern African nation seeks to build on progress in restructuring its external debt.
The government's medium-term macroeconomic framework projects growth of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029, according to a ministry statement issued on Sunday.
The latest targets follow a budget presented in September last year that had projected growth of 6.4% for 2026. The International Monetary Fund, by contrast, forecasts more modest growth of 4.3% this year.
Finance Minister Situmbeko Musokotwane said the government's aim was to move beyond stabilising the economy and toward securing greater investment, stronger exports and more job creation, with mining, energy and agriculture identified as key sectors.
Musokotwane, who was recently reappointed after last month's election, had overseen protracted debt-restructuring negotiations after the copper-producing country defaulted during the COVID pandemic.
Zambia hopes to agree a new programme with the IMF before the end of the year, following the expiry in January of its previous $1.7 billion arrangement.