Development and Its Measures

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UNIVERSITY OF ZAMBIA
SCHOOL OF HUMANITIES AND SOCIAL SCIENCES
DEPARTMENT DEVELOPMENT STUDIES

ASSIGNMENT QUESTION
WHAT ARE THE MAJOR CONTRAINTS IN THE PROMOTION OF INCLUSIVE GROWTH IN ZAMBIA

NAME: ALPHA M SAMBOKO

COMPUTER NUMBER: 12034339

COURSE: DS 101

TUTORIAL TIME: THURSDAY 16:00 – 17:00 HOURS

TUTOR: Ms. CHILALA HANKUKU

LECTURER/CO-ORDINATOR: DR. FRANCIS CHIGUNTA

UNIVERSITY OF ZAMBIA
SCHOOL OF HUMANITIES AND SOCIAL SCIENCES
DEPARTMENT OF ADMINISTRATIVE STUDIES

ASSIGNMENT QUESTION
KARL MARX ADVOCATD A CLASSLESS SOCIETY AFTER THE WORKER’S OVERTHROW THE CAPITALIST (OWNERS OF THE MEANS OF PRODUCTION). DO YOU THINK THAT A CLASSLESS SOCIETY IS ATAINABLE AND SUSTAINABLE IN THIS CENTURY?

NAME: ALPHA M SAMBOKO

COMPUTER NUMBER: 12034339

COURSE: PL115

TUTORIAL TIME: TUESDAY 15:00 – 16:00 HOURS

TUTOR: MR. A SIWALE

LECTURER/CO-ORDINATOR: MR. NCHIMUNYA M. MULEYA

This essay is aimed at establishing the major constraints to the promotion of inclusive growth in Zambia. The essay will define what inclusive growth is and highlight its major drivers. Measures of inclusive growth shall also be highlighted in is essay. The essay will then bring forth points showing the major constraints to inclusive growth. . Africa is a land rich in natural resources. It is said to be the richest continent in the world. Africa boasts of numerous precious stones and minerals ranging from Diamonds, emeralds, copper, gold, zinc, lead, iron just to mention but a few. It also boasts of fertile lands that are ideal for agricultural activities and rich vegetations ideal for animal rearing. Africa has enormous water bodies’ ideal for production of Hydro-electric power. African also boasts of numerous tourist attractions ranging from National parks, Game reserves, water falls, historical monuments and sites. In recent years, Africa has made remarkable improvements in its economic activities resulting in an increased economic growth rate averaging 5.6% a year. Between 2001 and 2008 Africa was one of the fastest growing regions in the world. Africa was able to withstand the 2008 – 2009 global economic and financial crises and recovered remarkably from it. On average, Africa’s economic growth rate was projected at 4.8% by the World Bank while the International Monetary Fund (IMF) projected it at 5.2%. Of the 15 fastest growing economies in 2010, 10 were from Africa including Zambia. Zambia is a country located in the Sub-Saharan region of Africa. It’s a country that is rich in mineral deposits (Zambia is Africa’s largest exporter of Copper), abundant water bodies and fertile soils ideal for agricultural activities and has a number of tourist attractions. Zambia’s economy has in recent years improved. In 2010, Zambia’s economic growth rate was 7.6%. This figure dropped to 6.6 in 2011 mainly because of the weak mining sector performance. Inflation is projected to remain in single digits, reflecting prudent monetary policy, while the objective of exchange rate policy is to maintain external competitiveness. Zambia’s economy is projected to grow to 6.9% in 2012, picking up to 7.3% in 2013, while inflation should remain in single digits, at 8.0% and 8.5% respectively. The Zambian government plans to raise $700 million via a bond issue in 2012 to cover a funding gap for infrastructure projects. This infrastructure investment is expected to boost growth by up to 2 percentage points per annum (information obtained at

http://www.africaneconomicoutlook.org/en/countries/southern-africa/zambia/). Evidence obtained at www.timeslive.co.za/africa/2011/07/31/zambia-s-economic-status-moving-up) indicates that the World Bank reclassified Zambia to a low-middle income country from a ‘least-developed country’. Low-middle income countries are those countries whose gross national product per capita income is between $1006 and $3975 a year. This upgrade is based on increased income, increased number of children in...
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