Zim shows signs of recovery: Treasury

Business Writer

Zimbabwe’s economy is already showing strong signs of recovery despite the Covid-19 challenges, a Treasury spokesperson said, stressing women and youths will not be left behind the country’s economic agenda.

Speaking during a two day conference on amplifying youth and women voices hosted Women and Law in Southern Africa (WLSA) in conjunction with the Zimbabwe Coalition on Debt and Development (ZIMCODD), Treasury’s Chief Director Communications Clive Mpambela said women and youth had a special role to play in the realization of an upper middle income economy by 2030. 

He said economic gains were beginning to be noticed as the country implements the National Development Strategy (NDS1), a blueprint designed to transform the fortunes of Zimbabweans at all levels.

Finance and Economic Development has projected the Zimbabwean economy to grow by 7.8 percent, a revision from the 7.4 percent forecast he presented in the national budget in November last year.

Growth this year, after two consecutive years of recession due to Cyclone Idai and drought, respectively, would be driven by a steller agricultural season, power generation, massive projects in construction and infrastructure and forecast global commodity boom among others. 

The country’s annual consumer price inflation decreased for the sixth consecutive month to 56,37 percent in July 2021, from a post dollarisation high of 837,5 percent in July 2020, reaching its lowest level since December 2018.  

The re-introduction of the foreign currency auction system has also helped improve availability of foreign currency on the formal channels while it has generally tamed the exchange rate.

Mr Mphambela said while the ordinary citizen was yet to feel the positive impact of the growing economy gains at a personal level, key fundamentals attested to the growing improvements and positive path ahead. 

He cited various infrastructure projects being carried out across the country and called on women and youths to tag along in the economic development of the country.

“Prosperity does not happen overnight but it follows austerity. Although the ordinary citizens on the streets may not feel the surplus in their pockets immediately, there are a lot of positive changes that are taking place and are visible.