chief of mission: Ambassador Donald E. BOOTH
embassy: corner of Independence and United Nations Avenues, Lusaka
mailing address: P. O. Box 31617, Lusaka
telephone: [260] (211) 250-955
FAX: [260] (211) 252-225
Flag description:
green field with a panel of three vertical bands of red (hoist side), black, and orange below a soaring orange eagle, on the outer edge of the flag
Economy ::Zambia
Economy - overview:
Zambia's economy has experienced strong growth in recent years, with real GDP growth in 2005-08 about 6% per year. Privatization of government-owned copper mines in the 1990s relieved the government from covering mammoth losses generated by the industry and greatly improved the chances for copper mining to return to profitability and spur economic growth. Copper output has increased steadily since 2004, due to higher copper prices and foreign investment. In 2005, Zambia qualified for debt relief under the Highly Indebted Poor Country Initiative, consisting of approximately USD 6 billion in debt relief. Zambia experienced a bumper harvest in 2007, which helped to boost GDP and agricultural exports and contain inflation. Although poverty continues to be significant problem in Zambia, its economy has strengthened, featuring single-digit inflation, a relatively stable currency, decreasing interest rates, and increasing levels of trade. The decline in world commodity prices and demand will hurt GDP growth in 2009, and elections and campaign promises are likely to weaken Zambia's improved fiscal stance.