ECONOMIST CAUTIONS CITIZENS AGAINST EXPECTING QUICK RELIEF FROM HIGH COST OF LIVING DESPITE ECONOMIC GROWTH
ECONOMIST Esther Banda says citizens should not anticipate immediate relief from the prevailing high cost of living despite Zambia’s significant economic growth over the past six months.
Ms. Banda tells Phoenix News that the benefits of the country’s economic expansion, including the Kwacha appreciation, increased agriculture production, and reduced petroleum prices, are unlikely to translate into a reduction in the cost of living in the short term.
She has explained that Zambians continue to grapple with escalating prices for essential goods and services, causing a disconnect between macroeconomic performance and household budgets.
Ms. Banda has urged citizens to be patient, stating that any significant easing of financial pressures on households is unlikely to materialize until next year.
She is hopeful that government will take advantage of the positive economic strides to cushion inflation in the coming months to ensure that the economic gains benefit households and alleviate the financial pressures they are facing.
PN