Chronicle Editor
Business Reporter
ZIMBABWE Investment Development Authority (Zida) chairman and prominent industrialist, Mr Busisa Moyo, says Zimbabwe’s economy is on the right direction and lauded the milestones being scored in the business reform front.
According to a latest Zimstat report, the country’s annual inflation for the month of July slowed down to 56,37 percent while month-on-month inflation also dropped to 2,56 percent from last month’s rate of 3,88 percent.
The decline, which reflects a 50,27 percentage points from the June figures of 106,64 percent, is in line with the Reserve Bank of Zimbabwe’s (RBZ’s) target of 55 percent by end of this month.
“We can’t say we have ‘arrived’ economically, but Zimbabwe is directionally correct. Stabilisation & anchoring the economy on production & productivity is the way to go,” said Mr Moyo in a post on his Twitter handle.
Mr Moyo’s views concur with other economic analysts who view the drop in annual inflation from 837,53 percent as a milestone for Zimbabwe’s economic policy reforms.
The country has succeeded in slowing down price escalation and the exchange rate has stabilised.
On Tuesday President Mnangagwa also remarked that the drop in inflation was an indicator of more good news for Zimbabwe. “Inflation dropping, exports rising by 9,5 percent since April, biggest harvest in 20 years. Zimbabweans — we are on the cusp of greatness!” said the President.
Online Reporter