Zambia among top 10 fastest growing economies-Sampa

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The Economist Intelligent Unit (EIU) has in its projection for 2014 ranked Zambia as being amongst the top ten fastest growing economies in the world.

Deputy Minister of Commerce Miles Sampa disclosed to journalists in Lusaka today that the projection was as a result of government’s prudent management of the economy.

Mr. Sampa said the projection by the EIU reported in the Washington Post further indicates that Zambia’s economy will grow by 7.9 percent this year.

He said this projection was as a result of Zambia’s good economic performance under the Patriotic Front (PF) administration.

He said Zambia will this year experience unprecedented growth in many sectors of the economy adding that government’s desire was to register double digit economic growth.

Mr. Sampa said the projected growth was a true reflection of what was expected because it was coming from an independent source.

The EIU, an international independent business that offers forecasting and advisory services to its clients through research and analysis, has ranked Zambia on the tenth position of ten countries expected to be the fastest growing economies for 2014.

Zambia, which is at 7.9 per cent, is ranked in the top ten group together with three other African countries which are Sierra Leone in the second position at 11.2 percent, Libya is occupying the fourth position at 8.8 and Eritrea on ninth place at 8.0 percent.

Mongolia leads the ranking with an expected growth rate of 15.3 percent this year.

The EIU has indicated that the growth was likely to be driven by the sale of natural resources to other developing countries.