Zambia gained its independence in 1964, under the leadership of first President Kenneth Kaunda. Inflation has remained in double digits since mid-2019, reflecting exchange rate and food price pressures. High copper prices, improved market confidence following the August 2021 elections, and normal rainfall patterns are expected to buoy economic activity in 2022. Growth in the first three quarters of 2021 picked up to 4%, reflecting recovery in activities across all sectors except mining, which has been beset by COVID-related supply chain disruptions and excessive rainfall. However, risks stemming from prolonged debt negotiations and low COVID-19 vaccination rates will need to be managed. Economic activity will gradually pick up, averaging 3.8 percent over 2022-25. Poverty is expected to increase slightly in 2021 by 0.2 percentage points to 60.3 percent, reflecting COVID-19 impacts. The recovery is driven by high copper prices, improved post-election market confidence, and continued recovery in agriculture. The Zambian economy is expected to recover by 3.3 percent in 2021 following a historic contraction of 2.8 percent in 2020. This trend is expected to continue as the large youth population enters reproductive age, which will put even more pressure on the demand for jobs, health care and other social services.
Its population, much of it urban, is estimated at about 17.9 million and is growing rapidly at 2.8% per year, partly because of high fertility, resulting in the population doubling close to every 25 years. Zambia is experiencing a large demographic shift and is one of the world’s youngest countries by median age. It shares its border with eight countries (Angola, Botswana, Democratic Republic of Congo, Malawi, Mozambique, Namibia, Tanzania, and Zimbabwe) that serve as an expanded market for its goods. Zambia is a large, landlocked, resource-rich country with sparsely populated land in the center of Southern Africa.
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