Zambia Economic Brief, October 2013 : Zambia's Jobs Challenge--Realities on the Ground

Zambia shares its robust economic growth and capital inflows in the past few years with other Sub-Saharan countries, growth supported by high commodity prices that while declining are still at historical high levels. High commodity prices have indu...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCESS TO CREDIT ACCESS TO EDUCATION ACCESS TO FINANCE ACCOUNTING BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK INTEREST RATE BANKING INSTITUTIONS BANKING STATEMENTS BANKING SYSTEM BENEFICIARIES BENEFICIARY BORROWING BRIBE BRIBES BUSINESS PLANS BUSINESS STRATEGIES CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL PROJECTS CAPITAL REQUIREMENTS CASH MANAGEMENT CHILD DEVELOPMENT COLLATERAL COLLATERAL REGIME COMMERCIAL BANKS COMMODITY PRICES CONSUMER CREDIT CORPORATE TAX RATE CORRUPTION CREDIT BUREAU CREDIT MARKET CREDIT MARKETS CREDIT RATING CREDIT RATING AGENCIES CURRENT ACCOUNT CURRENT PRICES DEBT DEBT MANAGEMENT DEBT RELIEF DEBT SERVICING DEBT STOCK DEFICITS DEPOSIT DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DIRECT FINANCING DIVERSIFICATION DOMESTIC BORROWING DOMESTIC CREDIT DOMESTIC DEBT EARNINGS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIES OF SCALE EDUCATION LEVEL EDUCATION LEVELS EDUCATION SYSTEM EMPLOYERS EMPLOYMENT OPPORTUNITIES EMPLOYMENT PATTERNS ENABLING ENVIRONMENT ENROLLMENT ENROLLMENTS ENTREPRENEUR ENTREPRENEURSHIP EXCESS SUPPLY EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL DEBT FAMILIES FAMILY FARMS FAMILY INCOMES FAMILY OBLIGATIONS FARMERS FEDERAL RESERVE FEMALE ENTREPRENEUR FINANCES FINANCIAL CHOICES FINANCIAL CRISIS FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL RESOURCES FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL POLICY FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE GENDER GENDER DISCRIMINATION GLOBAL ECONOMY GOVERNMENT FINANCES GOVERNMENT INTERVENTIONS GOVERNMENT POLICY GOVERNMENT REVENUES GOVERNMENT SPENDING HIGH INTEREST RATE HIGHER CAPITAL COSTS HOUSEHOLDS HUMAN CAPITAL IMPLICIT SUBSIDY INCOME SHOCKS INCOME TAX INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INSTRUMENT INSURANCE INTEREST RATE INTEREST RATE CAPS INTEREST RATE CEILING INTEREST RATE SPREAD INTEREST RATE SPREADS INTEREST RATES INTERNAL AUDIT INTERNATIONAL BANK INTERNATIONAL CREDIT INTERNATIONAL MARKETS INTERNATIONAL RESERVES INVENTORIES INVESTMENT FLOWS JOB CREATION JOB OPPORTUNITIES JOB SECURITY JOBS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LABOUR FORCE LABOUR FORCE SURVEY LACK OF CAPITAL LAND REFORM LAND RIGHTS LENDERS LENDING PORTFOLIO LIQUIDITY LIVING STANDARDS LOAN LOAN TERMS LONG-TERM CAPITAL LYON MACROECONOMIC ENVIRONMENT MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MARKET ACCESS MARKET INFORMATION MARKET PRICES MFI MFIS MICROENTERPRISES MICROFINANCE MICROFINANCE INSTITUTIONS MIGRANT LABOR MIGRATION MINIMUM CAPITAL REQUIREMENTS MONETARY POLICY MORTGAGE MORTGAGE LENDING NATIONAL CREDIT NATIONAL SAVINGS NET INTEREST MARGIN NET SAVINGS NEW ENTRANTS OPERATING COSTS OUTREACH OVERHEAD COSTS PERSONAL LOANS PHYSICAL CAPITAL POLICY ENVIRONMENT PORTFOLIO INVESTMENTS PREDATORY LENDING PRIVATE CAPITAL PRIVATE PARTIES PRODUCTIVITY PROFIT MARGIN PROFIT MARGINS PUBLIC DEBT PUBLIC INVESTMENT PUBLIC SPENDING RATES OF RETURN REAL ESTATE REAL INTEREST REAL INTEREST RATES REPAYMENT REPAYMENT SCHEDULE REPO REPO RATE RESERVES RISK EXPOSURE SAVINGS SELF-EMPLOYMENT SETTING OF INTEREST RATE SMALL ENTERPRISES SMALLHOLDER SMALLHOLDERS SOCIAL NETWORKS SOCIAL SECURITY SOVEREIGN BOND STATISTICAL ANALYSIS STOCKS TAX COLLECTION TELECOMMUNICATIONS TERM CREDIT TRADING TRANSACTION TRANSACTION COSTS TRANSPARENCY TRANSPORT TREASURY TREASURY BILL TREASURY BILL RATE UNEMPLOYMENT UNSECURED LOANS URBAN AREA URBAN AREAS URBANIZATION WAGES WOMAN
Online Access:	http://documents.worldbank.org/curated/en/2013/10/18382198/zambias-jobs-challenge-realities-ground http://hdl.handle.net/10986/16698

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Summary:	Zambia shares its robust economic growth and capital inflows in the past few years with other Sub-Saharan countries, growth supported by high commodity prices that while declining are still at historical high levels. High commodity prices have induced large foreign direct investment (FDI) flows, mainly in extractive industries but also in services sector, supporting growth. Zambia's mining sector has benefited from FDI, receiving almost 1 billion dollar in 2011 alone. A large gap has emerged between available resources and likely spending in 2013. The government is responding with a full range of adjustments, including cutting recurrent spending (such as on travel and motor vehicles), cutting capital projects, and stepping up revenue collection. The government has raised fuel prices and reduced maize and fertilizer subsidies, but the medium-term fiscal impact of these initiatives is uncertain. These reforms aimed to create space for expanding better targeted spending programs. Zambia's economy has seen far too many unexpected policy changes in recent years. Persistent and even escalating perceptions of an uncertain policy environment can weaken investment, thereby reducing gross domestic product (GDP) growth. Zambia's population and labor force is young and growing fast. The current structure of the economy and sources of growth are such that formal wage jobs are being created slowly. Creating formal jobs in the private sector is rightly accorded top priority in government policy and strategy documents. The government's general approach is to provide an enabling environment for the private sector and address constraints to growth. For wage employment, understanding the technical and vocational education sector is a priority for future skills development. There is a need to address the gaps in access to basic education and prevent dropouts through targeted programs for children at risk of not starting or finishing school. This report is divided in two sections: section one gives recent economic developments and section two presents jobs challenge: realities on the ground.

Zambia Economic Brief, October 2013 : Zambia's Jobs Challenge--Realities on the Ground

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