Zambia is expected to miss its targeted economic growth rate of 5% for 2024, according to the country’s Finance Minister. The shortfall is primarily attributed to a severe drought that has negatively impacted key sectors such as agriculture and energy.
The Finance Minister explained that the prolonged drought has led to reduced agricultural yields and lower production levels, affecting the country’s overall economic performance. Additionally, the drought has strained the energy sector, particularly hydropower generation, which is a significant component of Zambia’s energy supply.
“The drought has had a substantial impact on our economic outlook,” the Finance Minister stated. “While we have been optimistic about achieving a 5% growth rate, the current climate conditions have necessitated a revision of our projections.”
The agricultural sector, a cornerstone of Zambia’s economy, has been particularly hard hit, with reduced rainfall affecting crop production and leading to food security concerns. This downturn is expected to ripple through other sectors, dampening overall economic activity.
In response to these challenges, the Zambian government is exploring measures to mitigate the impact of the drought and support affected industries. These measures include seeking alternative sources of energy, promoting climate-resilient agricultural practices, and providing support to farmers and communities hardest hit by the drought.
Despite these challenges, the Finance Minister expressed confidence in the country’s resilience and long-term economic prospects. He emphasized the government’s commitment to implementing policies and strategies aimed at stabilizing the economy and returning to a growth trajectory once the drought’s effects subside.
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