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Briefing

Zambia: Economic Profile

Appears in: Middle East and Africa, Macroeconomy, Markets, Sub-Saharan Africa, Growth Outlook and Business Cycle

Critical Issues

Background:

Zambia is a peaceful, democratic nation endowed with tremendous mineral wealth in copper and cobalt.  In 1969, four years after gaining its independence from Britain, Zambia was considered a middle-income country, with GDP three times greater than that in Kenya. However, during the 1970s, a combination of plummeting copper prices and high levels of indebtedness resulted in a debt crisis that commenced two decades of steady decline. By 1996, Zambia’s GDP was 50% of its 1974 value, and Zambia was considered one of the poorest countries in the world. After receiving debt reduction packages facilitated through the World Bank in 2006, the country’s prospects have become more promising. Prudent economic management, coupled with growth in the mining and telecommunications sectors, has resulted in almost a decade of GDP growth. While Zambia still faces significant obstacles, such as the AIDS epidemic and its ongoing reliance on copper exports, it has articulated its Vision 2030 strategy—a plan to return the country to middle-income status by the year 2030.

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