Zambia is targeting average economic growth of about 7% over the next three years as the government seeks to move beyond macroeconomic stabilisation and accelerate investment, exports and job creation. According to Reuters and CNBC Africa, the medium term macroeconomic framework projects real GDP growth of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029. The targets build on progress made in restructuring the country’s external debt following its 2020 sovereign default, while the government’s 2026 budget had projected growth of 6.4% this year.
Finance Minister Situmbeko Musokotwane said Zambia now wants to shift from economic stabilisation towards securing greater investment, expanding exports and creating jobs, with mining, energy and agriculture identified as key sectors. The country’s copper industry remains central to the strategy, while agriculture and energy are also expected to support broader economic diversification. Zambia’s real GDP grew by 5.2% in 2025, according to the African Development Bank, which projected 5.0% growth for 2026 and 6.3% for 2027, driven by mining, agriculture and an expected recovery in energy supply.
The government’s ambition is considerably higher than the International Monetary Fund’s current outlook. The IMF projected Zambia’s 2026 growth at 4.3% during its May assessment, citing weaker mining output, the normalisation of agricultural production after an exceptionally strong 2025 harvest, softer trade activity and energy constraints. Zambia is also seeking a successor IMF programme before the end of 2026 after its previous $1.7 billion arrangement ended in January. Delivering the government’s 7% growth ambition will therefore depend on sustained debt restructuring gains, increased private investment, stronger copper production and value addition, improved energy reliability and progress in agriculture and other non mining sectors.
