Effects of the Economic Crisis in Zambia
- Inflation: The currency lost value, and prices rose.
- Poverty: Many people could not afford basic needs.
- Underdevelopment: Infrastructure and services declined.
- Unemployment: Job losses increased due to privatization.
- Debt: Borrowing continued, increasing Zambia’s financial burden.
- Industrial Decline: Foreign competition hurt local industries.
Informal Sector Growth: People turned to small businesses like selling second-hand clothes (Salaula), running private schools, and transport services.