Uncovering the Veils of Social and Economic Growth: The Case of Zambia

Sikazwe, George

doi:10.2139/ssrn.4077780

Cited by 1 publication

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“…The shift in economic growth orientation, as well as the state' and policymakers' enthusiasm for igniting economic growth, resulted not only in high debt accumulation, but also in the removal of price controls, privatization of state-owned enterprises, and illusory economic growth. Although the economy exhibited some signs of improvement in 2011, to the point where Zambia achieved middle-income classification, the increase was not sustained [3]. Therefore, understanding variables that influences developing countries economic growth is critical for designing suitable economic policies for any government or institution.…”

Section: Introductionmentioning

confidence: 99%

Macroeconomic Factors of Economic Growth in Low Developing Countries for Example Zambia

Муленга,

Сарлос,

Федюнин

2024

Флагман Науки

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Currently, the issue of the influence of economic growth factors in low-development countries on the policy of improving economic well-being is widely discussed. The study showed that to the extent that government spending and rents on natural resources have a beneficial effect on GDP growth per capita, private direct investment affects economic growth significantly more than public investment. On the contrary, the increase in labor resources and inflation are holding back economic growth in these countries. This article examines the dynamics of Zambia's economic development, which has historically faced various problems, including dependence on copper exports, severe economic fluctuations and a low level of human capital quality. The authors emphasize the importance of diversification beyond the copper industry, as well as initiatives that promote agriculture, tourism, cultural development and renewable energy sources become potential paths for sustainable growth. The article also reviews the role of technology and innovation in moving Zambia towards a knowledge-based economy, contributing to increased competitiveness on the global stage. The Government should focus on improving infrastructure, especially in the fields of education and health, which play a key role in building up the country's human capital and export potential.

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Section: Introductionmentioning

confidence: 99%