Zambia’s economy projects to grow by 1 percent in 2021

 Zambia’s economy projects to grow by 1 percent in 2021

By ALICE NACHILEMBE
Ministry of Labour and Social Security Permanent Secretary Chanda Kaziya says the Zambian economy is projected to grow by only one percent in 2021 and two percent in 2022 respectively.

Mr Kaziya said it is undisputed that the COVID-19 pandemic coupled with other external forces on the world market has negatively affected the growth of economies including Zambia.

Mr Chanda said the pandemic has left some businesses operating at a reduced scale and this has to some extent resulted into job losses both in the formal and informal sectors.

He said that some establishments have thrived during this pandemic while others have been brought to their knees.

“In an effort to stabilize the economy, foster growth, safeguard people’s livelihoods and promote sustainability beyond COVID-19, Government has come up with a number of interventions such as the Economic Recovery Plan of 2020 and other interventions, Sector Specific Standard Operating Procedures – Covid-19 Workplace Safety and Health Guidelines, Statutory Instrument No. 48 of 2020 under the Employment Code Act No. 3 of 2019Covid-19 monetary and fiscal incentives, Covid-19emergency cash transfer programme,” he said.

Alice Nachilembe

https://tiozambia.com

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.