Economic Recovery Programme (2020-2023) Versus Economic Stabilization and Growth Programme

In modern times, the economic damage of the Covid-19 pandemic has been unprecedented, shrinking the global economy by 3.5 percent, and the Zambian economy by about 3 percent in 2020. The disruptions in global supply chains, the reduction in consumer spending arising from containment measures, sent shockwaves across the world, with entire industries – such as tourism and aviation – literally closing down, while others operating substantially
below full capacity. This also meant that commodity prices on which most developing countries depend upon for export and foreign exchange earnings were curtailed. Given an already narrow tax base in developing countries, mobilisation of domestic resources to fight the Covid-19 pandemic hit a brick wall. There were simply fewer economic activities from which to draw tax revenue; the scale and magnitude of economic activity had drastically reduced within a short period of time.

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