Banking sector confident of Zambia’s economic prospects for 2024, predicts 4.3% growth


The Bankers Association of Zambia (BAZ) are confident of the country’s growth prospects for 2024, sustained over the medium to long-term and supported by strong economic sectors.

The bankers were basing their confidence on data from the Central bank showing brighter domestic growth prospects.

BAZ Public Relations and Administrative Officer, Mirriam Zimba, stated that the economy was now expected to grow faster at 4.3 percent in 2023 than the previous forecast of 2.7 percent.

Zimba said this in response to a press query on the review the performance of the banking sector and the economy in 2023.

Read more: Zambia’s banking industry reportedly returns satisfactory score in 2023

“This is supported by the upward revision to real Gross Domestic Product (GDP) growth for 2023 because of higher-than-expected growth, mostly in the Information and Communication Technology, education, transport and tourism sector during first nine months of the year,” she said.

According to Zimba, a further expansion of the economy by 4.7 percent in both 2024 and 2025 was projected, and supported by the expected recovery in the mining and agriculture sectors.

“According to the Bank of Zambia, there are brighter domestic growth prospects and it is envisaged that this growth will be sustained over the medium to long-term,” she said.

On the Kwacha, Zimba recalled that the Kwacha averaged K21.55 per United States dollar in October 2023, representing a 3.7 percent depreciation for the month in terms of performance against the major convertible currencies.

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