November 7, 2019

Zim’s President on economic growth

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PRESIDENT Emmerson Mnangagwa says the country’s austerity days will soon be over, amid indications he sees the country’s Gross Domestic Product (GDP) growth rebounding to seven percent per annum over the next two years.

Speaking at the Economic Development and Financial Indaba in the capital, Harare, President Mnangagwa said the Transitional Stabilisation Programme (TSP) had achieved its objectives.

“Our budget will focus on productivity. An annual economic growth of seven percent will be achievable in the near future because the foundation has been laid,” he said at the Indaba organised by Global Renaissance Investments.

The President’s optimistic outlook comes as the International Monetary Fund anticipates Zimbabwe’s economy to contract by 7.1 percent this year, the country’s first GDP contraction since 2008.

Zimbabwe’s Finance minister, Professor Mthuli Ncube has also projected a 6,5 percent economic contraction.

However, the President appealed for patience and pointed out that economic growth will not happen overnight.

According to the IMF, Zimbabwe’s economy is seen rebounding by 2,7 percent in 2020, against the 4,6 percent economic growth forecast by treasury.

In September 2019, the IMF said Zimbabwe had plunged into recession.

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