A Copper-Bottomed Crisis?

The Impact of the Global Economic Meltdown on Zambia

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Originally published in March 2009 - updated December 2009.

Summary

The global economic crisis is having a serious impact on Zambia.

In international trade, Zambia is a one-product economy. Copper accounts for 70% to 80% of its exports, and prices have collapsed. If they stay at their current level, exports will halve in 2009. The most immediate social impact has been the loss of some 8,500 out of a total of some 30,000 mining jobs.

Based the author’s interviews with a number of international donors, government officials, economists, and civil society organizations in Lusaka this paper documents impacts on Zambia’s trade and financial sectors as a result of the global economic crisis. It reflects on the how the Zambian government has limited options to deal with the crisis and considers what the implications of this are to other institutions, both Zambian and international.

Author: Duncan Green, Oxfam GB

Publication date: March 2009 / December 2009