Zambia survives recession

As the curtains closed on 2009, the Southern African country is still hopeful it will meet its macro-economic targets in spite of the many internal adversities and the largely still hostile systemic conditions.

After enjoying a single-digit inflation rate in 2007 and 2008 before it rolled back into double figures last year, the Minister of Finance and National Planning, Situmbeko Musokotwane, set 10 percent as the target for 2009.  At the end of November it had dropped to 11.5 percent from a high of 14.5 per cent in September, bringing it within sight of the target.On December 31, the Central Statistical Office (CSO) broke the good news to herald the New Year: the rate of inflation for December is 9.9 percent, 1.6 percent down from the November rate of 11.5 percent.