INCLUSIVE GROWTH

Zambia 2017 | ECONOMY | COLUMN

TBY talks to Herryman Moono, National Secretary, Economics Association of Zambia (EAZ), on the sector.

Herryman Moono

What is the EAZ's outlook for the macroeconomic landscape of Zambia, and how do you work with the private and public sectors to foster sustainable growth?

Zambia is currently growing at around 3%, down from higher growth of over 5% in the last decade, mostly due to the slump in global copper prices. The outlook depends on what we do now in response to two factors, namely the country's large budget deficit of about 10% of GDP and the possible introduction of an IMF program. Inflation has come down; however, the cost of doing business has risen as a result of the tighter monetary policies the Bank of Zambia put in place, which hampers growth in the private sector. Nevertheless, I am confident that the Zambian economy will remain resilient despite these challenges. The government has the right intentions and plans in place, and if these are properly executed the outlook could be much brighter than it is currently. As an economics research and advocacy institution, our role is chiefly to promote the drafting and implementation of sound economic policies for inclusive growth.