Partner risk indices

Country Risk Index

54.7

Political Risk Index

48.9

Short-Term Economic Risk Index

53.3

Long-Term Economic Risk Index

53.2

Operational Risk Index

62

Source: Partner Research Partner, as of 8 Nov 2026. 0-100, higher means higher risk.

Key indicators

Market overview

• Zambia is in Southern Africa and is classified by the World Bank as Lower middle income. (World Bank)
• Population: 21.9 million (2025). (World Bank WDI)
• GDP: US$28.7bn in 2025 (estimate). (IMF WEO)

Economic conditions

• Real GDP growth: 3.8% in 2025 (estimate); the IMF projects 5.6% for 2026. (IMF WEO)
• Average consumer price inflation: 13.9% in 2025 (estimate); projected 8% for 2026. (IMF WEO)
• General government gross debt: 100.6% of GDP in 2025 (estimate). (IMF WEO)
• Current account balance: -5.5% of GDP in 2025 (estimate). (IMF WEO)
• Government net lending/borrowing: -3.8% of GDP in 2025 (estimate). (IMF WEO)
• Official exchange rate averaged 25.28 local currency units per US dollar in 2025, against 20.21 in 2023: 25.1% more units per dollar (the currency weakened against the dollar). (World Bank WDI)

Key risks

• Partner risk indices (0-100, higher = higher risk), as of 8 Nov 2026: Country Risk Index 54.7 (rank 17 of 53 in Africa, 1 = lowest risk); Political Risk Index 48.9 (rank 19 of 53 in Africa, 1 = lowest risk); Short-Term Economic Risk Index 53.3 (rank 21 of 53 in Africa, 1 = lowest risk); Long-Term Economic Risk Index 53.2 (rank 16 of 53 in Africa, 1 = lowest risk); Operational Risk Index 62 (rank 20 of 53 in Africa, 1 = lowest risk). (Partner Research Partner)
• Highest-scoring Partner risk component: trade and investment risk (67.9, operational). (Partner Research Partner)
• World Bank governance scores (2025, 0-100, higher is better): control of corruption 39; government effectiveness 44; political stability and absence of violence 65; rule of law 51; regulatory quality 48. (World Bank WGI)
• External debt stocks: 108.8% of GNI (2025). (World Bank WDI)
• Unemployment (modelled ILO estimate): 5.9% of labour force (2025). (World Bank WDI)

Investment considerations

• Foreign direct investment, net inflows: 4.5% of GDP (2025). (World Bank WDI)
• Domestic credit to the private sector: 19.2% of GDP (2025). (World Bank WDI)
• Bank lending interest rate: 9.5% (2020). (World Bank WDI)
• Trade (exports plus imports): 62.5% of GDP (2024). (World Bank WDI)
• The Meridian holds 691 published records tagged to Zambia. (The Meridian)

Sector snapshot

• Energy and power: access to electricity 53.6% of population (2024); renewable share of final energy consumption 83% (2021). (World Bank WDI)
• Mining and minerals: mineral rents 28.2% of GDP (2021); ores and metals exports 73% of merchandise exports (2024). (World Bank WDI)
• Financial services: foreign direct investment, net inflows 4.5% of GDP (2025); bank lending interest rate 9.5% (2020). (World Bank WDI)
• Technology, media and telecoms: internet users 17.1% of population (2024); mobile subscriptions 108.7 per 100 people (2024). (World Bank WDI)
• Agriculture: agriculture, forestry and fishing, value added 4.1% of GDP (2025); employment in agriculture 54.5% of employment (2025). (World Bank WDI)
• Manufacturing and industry: manufacturing, value added 8.7% of GDP (2025); industry (including construction), value added 35.3% of GDP (2025). (World Bank WDI)
• Infrastructure and real estate: urban population 45.9% of population (2025); access to electricity 53.6% of population (2024). (World Bank WDI)

Recent developments

• Moving to and Living in Zambia in 2026 (riotimesonline.com, 12 Nov 2026) (GDELT)
• Zambia opposition decries wave of civil service retirements and dismissals (kenya-today.com, 7 Nov 2026) (GDELT)

Data limitations and sources

• Older data, shown with its period and not described as current: Bank lending interest rate (Latest published value is for 2020); Renewable share of final energy consumption (Latest published value is for 2021); Oil rents (Latest published value is for 2021); Mineral rents (Latest published value is for 2021).
• IMF figures for the most recent year are IMF estimates and later years are projections. World Bank series typically lag by one to two years. Headlines come from automated news monitoring and are not verified by The Meridian.
• Sources last checked 15 Nov 2026.

Meridian transactions

• Fortis Green Renewables and Zeitinger Invest invest in GRIPS Energy Group’s operations in sub-Saharan Africa
• Fortis Green Renewables and Zeitinger Invest back GRIPS Energy with growth equity
• Energy and Environment Partnership Trust Fund (EEP Africa) invests EUR 1 million in Solarise Africa’s operations in Uganda and Zambia
• Kholo Capital invests R275 million in DCC Holdings’ operations in South Africa
• E4E Africa leads USD 5 million secondary investment in Kuunda
• Airtel Money’s IPO at GBP 529 million

Meridian articles

• Mercuria commits US$250m to Exergy’s Zambian power assets in a bet on open access