ECONOMIST Noel Nkhoma says there is need to grow the country’s gross domestic product into double digits.
In an interview, Nkhoma said 2019 had been challenging on the part of the Zambian economy.
“2019 has been challenging and I think what is important also is like what the President said in his end of year message. Let us not lose hope but begin to inculcate the spirit of hard work. One of the things that I think challenges the Zambian economy 2020 and beyond is the issue of debt, because debt at the level that we have contracted and looking at the shrinking gross domestic product, it becomes unsustainable,” he said.
“And the quantum of the debt that we have contracted, for it to be able to more less not to have so much of the negative
impact like we are seeing now on the economy, it requires to grow the GDP into double digits. Two per cent GDP growth is basically being not in the position to service the debt.”
Nkhoma hoped that the policies and austerity measures the government had put in place would push the GDP to 10 per cent and above.
And Nkhoma said there was need to promote agriculture in Eastern Province so that it can retain its position as the bread basket for the country.
“Eastern Province is known for agriculture, we could see as we were driving that there is no piece of land which has been spared, everyone is being encouraged to be self-sufficient,” he noted.
“We have to ensure that we promote agriculture in the province so that once again this province can retain its position as the bread basket for the country.”
Nkhoma was in Eastern Province during the festive season for the Luangeni Cup which he sponsored.