Zambia is forecasting stronger economic growth over the next several years as the government focuses on attracting investment, expanding exports and creating jobs through key sectors including mining, energy and agriculture.
The government’s medium-term macroeconomic framework projects economic growth of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029, according to the finance ministry.
The projections represent a more optimistic outlook compared with the country’s current-year expectations. Zambia’s 2026 budget, presented in September last year, had forecast economic growth of 6.4% for the year.
Government Focuses on Investment and Growth
Finance Minister Situmbeko Musokotwane said Zambia is moving beyond economic stabilisation efforts and focusing on attracting investment, strengthening exports and expanding employment opportunities.
The government plans to support growth by developing industries such as mining, energy and agriculture, which remain central to Zambia’s economic strategy.
Musokotwane was recently reappointed as finance minister following last month’s election. He previously led Zambia’s efforts to restructure its debt after the country defaulted during the COVID-19 pandemic.
IMF Outlook Remains More Cautious
While Zambia’s government expects stronger expansion, the International Monetary Fund has projected more moderate growth of 4.3% this year.
The difference between forecasts reflects uncertainty around economic conditions, investment levels and the pace of recovery across key industries.
Zambia Seeks New IMF Programme
Zambia is also working toward securing a new agreement with the International Monetary Fund before the end of the year.
The country’s previous $1.7 billion IMF programme ended in January, and a new arrangement would support ongoing economic reforms and development plans.
The government’s growth strategy will depend on maintaining economic stability while increasing investment in sectors capable of boosting exports, productivity and long-term employment.
