MACROECONOMIC FACTORS OF ECONOMIC GROWTH IN LOW DEVELOPING COUNTRIES FOR EXAMPLE ZAMBIA

Abstract

Currently, the issue of the influence of economic growth factors in low-development countries on the policy of improving economic well-being is widely discussed. The study showed that to the extent that government spending and rents on natural resources have a beneficial effect on GDP growth per capita, private direct investment affects economic growth significantly more than public investment. On the contrary, the increase in labor resources and inflation are holding back economic growth in these countries. This article examines the dynamics of Zambia's economic development, which has historically faced various problems, including dependence on copper exports, severe economic fluctuations and a low level of human capital quality. The authors emphasize the importance of diversification beyond the copper industry, as well as initiatives that promote agriculture, tourism, cultural development and renewable energy sources become potential paths for sustainable growth. The article also reviews the role of technology and innovation in moving Zambia towards a knowledge-based economy, contributing to increased competitiveness on the global stage. The Government should focus on improving infrastructure, especially in the fields of education and health, which play a key role in building up the country's human capital and export potential.