adminthere has been an upward trend since the introduction of the multi-currency system in 2009, there has generally been a slow recognition of the improvement within the region and internationally.
According to the report, there has been a marked improvement in respect of Zimbabwe’s political and economic climate.
Part of the report reads: “Growth in Angola and Zimbabwe surpassed 4 percent, driven by oil output and investment (Angola) and by an improved political and economic climate (Zimbabwe).”
The report was presented during the 5th Joint Annual Meetings of the African Union Conference of Ministers of Economy and Finance and the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development.
The meetings were held in Addis Ababa, Ethiopia, at the end of March.
Zimbabwe was represented by a ministerial delegation led by Economic Planning and Investment Promotion Minister Tapiwa Mashakada, permanent secretary in the ministry Dr Desire Sibanda, permanent secretary in the Ministry of Finance, Mr Willard Manungo and a number of senior Government officials.
Presentation of the report’s outcome was also witnessed by members of the United Nations from Belgium, France, Canada, Germany, Italy, Japan, United States of
America and the United Kingdom.
Commenting on the report, Dr Sibanda said: “This is the first time that the Economic Report acknowledged growth in Zimbabwe. In 2008, it was shown as the least performing country.
“The country is now recognised to have joined other African countries on the economic growth trajectory since 2009, as a result of some of the initiatives that the inclusive Government has implemented,” he said. “This has seen a conducive political environment and an economic landscape that is reflecting an incremental trend.”
Generally, the report reflected a positive performance by Southern Africa, which was ranked fourth on the growth trajectory path in Sub-Saharan Africa, with an estimated average growth rate of 3,8 percent in 2011 up from 3,5 percent in 2010.
But Dr Sibanda expressed concern at the limited progress in terms of social and human development in Africa.
“Continental growth has not translated into strong jobs growth and unemployment, especially among the youth, remains high,” he said.
“Poverty has also remained high, accompanied by high levels of inequality because of the narrow sources and largely undiversified sources of economic growth and weak social protection.”
“It is unlikely that many African countries will attain the Millennium Development Goal of halving the proportion of people living in extreme poverty by 2015.”
It was in view of this that delegates at the meeting proposed the development of short-term counter-cyclical economic policies that support economic growth and social protection.
Online Reporter