Central bank report indicates lower living standards

A report by the Swazi central bank indicates lower living standards, news reports said on Wednesday. Last year the economy grew by just 2.3 percent, compared to 3.7 percent in 1997. “Set against a population rate of 2.7 percent, the economy’s performance implies further worsening of Swazi living standards,” the report was quoted as saying. The report said that direct foreign investment had declined, amounting to an estimated US $33.75 million last year. According to the report government expenditure and expansion, has been not being matched by increased revenue, resulting in a budget deficit. “The emphasis must be on a fiscal policy that scales back on public sector jobs, given the potential of the recent deficits to undermine Swaziland’s macroeconomic balances,” the report added.