June 2001 Basic Needs and Nutrition Basket: JCTR Urges Government to go Beyond Meeting Projected Economic Targets
Abstract
In this year's budget the government projected that the Zambian economy would grow by 5 percent, an increase from last year's growth rate of 3.5 per cent (down from the projected figure of 4 per cent); year-end inflation for 2001 was projected to be contained to the figure of 17.5 per cent. According to the recent statement by the Minister of Finance and Economic Development on Budget and Economic Performance for the First Half of the Year, the
inflation figure as of May 2001 stood at 22.2 per cent, down from the December 2000 figure of 30.1 per cent. 'Obviously meeting these targets is fundamental to the improvement of Zambia's economy. But equally important is what this means in terms of cost of living for ordinary people,'' observes Muweme Muweme, Coordinator of the Economic and Social Development Research Project of the Jesuit Centre for Theological Reflection.
Description
That the Food Basket does not measure cost of living in its entirety implies that if other costs as mentioned above are factored in -- especially if we take the size of a household which might be more than that of a family -- then the overall cost of living would undoubtedly be much higher. Therefore, the Economic and Social Development Research Project of the JCTR feels both encouraged and discouraged by the statement from the Minister of Finance and Economic Development on Budget and Inflation Situation in Zambia.