Zambia Economy

Zambia economy is considered to be one of the developing economies of the world. The country of Zambia still remains in the list of the developing countries of the world. There are a number of copper mines in the country of Zambia. These were initially under the control of the government. These mines had been incurring heavy losses, causing a great financial loss for the country. To change this condition and improve Zambia economy, the government of Zambia took step for the privatization of the industry. This also helped this industry to return to profitable ways.

Apart from copper mining, there are a number of other factors that affect the economy of Zambia. These include the agriculture, natural resources, the industries and others. The Zambia economy also depends on the natural resources of the country. The country mainly gains from the maize harvest, which are also exported to foreign countries. The major problem of economy in Zambia was the high rate of inflation. The banks have taken a stricter monetary policy to curb these inflation.

The GDP real growth rate and the GDP per capita of Zambia, as in 2006, were 5.8% and $1,000 respectively. The major labor force of the country is engaged in agriculture, apart from industry and services. However, the unemployment rate of Zambia stood at 50% in the year 2000.