Economic growth achievable: analysts

In separate interviews, economic analysts said the economy had the potential to grow if the country managed to implement positive economic policies and utilise its vast natural resources.

 

Dr Eric Bloch said economic growth could be achieved through analysing economic factors and reviving vital industries.

“The economy has the potential to exceed the five percent growth barrier predicted by the International Monetary Fund (IMF) through revival of tourism, agriculture, mining, manufacturing industry and also utilising its abundant human resource base,” said Dr Bloch.

He said economic growth would slow down if the country failed to attract foreign investors through implementation of policies with assurance of security and political stability.

“There is need for investment in the manufacturing and mining sector in order to create employment and boost productivity hence utilising the abundant human resource base which is more than capable of reviving the economy,” he said.

He said the creation of economic zones would guarantee stimulation of the economy.

Another economic commentator Mr Sam Ncube said economic growth could be achieved through investment and revitalisation of the manufacturing sector.

“The situation on the ground indicates economic recovery although economic growth is attainable if the Government focuses on increasing domestic production and exports.

“Since the beginning of the year 2012 companies and parastatals have been affected by the liquidity crunch and high interest rates which are negative indicators of economic growth,” he said.

He said through increasing exports the economy benefitted by attaining foreign currency rather than the importation of foreign manufactured goods which deterred economic growth.

“There is need to leverage the productive sectors of the economy so as to have economic growth in the country through investments in energy and water supply,” said Mr Ncube.

The IMF had announced the country’s economic growth is set to increase by five percent by end of 2012 and to register a further one percent increase 2013.