Africa-Press – Zambia. ECONOMIST Shabdin Mweemba has urged Zambians not to politicicize the reclassification of Zambia as a lower income status to understand logic behind the situation.
The World Bank has re-classified Zambia to low-income status from lower middle income, for the 2023 financial year because of the deterioration of Gross National Income per capita estimates recorded in 2021.
Mr Mweemba says the nation cannot continue to pretend that things are okay when people are suffering and having challenges. He says what has been presented is the true of Zambia’ economic status adding that it is a blessing in disguise as it has the potential to attract grants and international Monetary Fund IMF bail out package.
“At the status where it meant that we did not need any help but in the actual sense our gross Domestic Product (GDP) has not been growing and we cannot pretend that things are okay it is better to open up and get help if anything we don’t want to remain in this position,” Mr Mweemba said.
Low-income countries are those with the average gross national income (GNIs) of less than US$1, 005 per person annually. Lower-middle-income countries have per capita GNIs of between US$1,006 per year and upper-middle-income countries have per capita GNIs between US$3, 976 and US$12, 275.
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