3/18/2024 0 Comments Zambia daily nation newspaperThe COVID-19 (coronavirus) pandemic pushed into contraction an economy that was already weakened by recent persistent droughts, falling copper prices and unsustainable fiscal policies. The gross domestic product (GDP) growth rate slowed to 3.1% per annum between 20, mainly attributed to falling copper prices and declines in agricultural output and hydro-electric power generation due to insufficient rains, and insufficient policy adjustment to these exogenous shocks. Between 20, the annual real gross domestic product (GDP) growth rate averaged 6.8%. This trend is expected to continue as the large youth population enters reproductive age, which will put even more pressure on the demand for jobs, health care and other social services.Īfter 15 years of significant socio-economic progress and achieving middle-income status in 2011, Zambia’s economic performance has stalled in in recent years. Its population, much of it urban, is estimated at about 17.9 million and is growing rapidly at 2.8% per year, partly because of high fertility, resulting in the population doubling close to every 25 years. Zambia is experiencing a large demographic shift and is one of the world’s youngest countries by median age. It shares its border with eight countries (Angola, Botswana, Democratic Republic of Congo, Malawi, Mozambique, Namibia, Tanzania, and Zimbabwe) that serve as an expanded market for its goods. Zambia is a large, landlocked, resource-rich country with sparsely populated land in the center of Southern Africa.
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