By Stanley James
ZIMBABWE’s efforts to maintain positive economic growth rates are getting global recognition with the World Bank expecting the economy to grow by 4,3 percent this year.
A World Bank report released this Wednesday has lauded Zimbabwe’s economic reform agenda, crediting it for growth it has recorded last year.
Going forward, the World Bank views improved agricultural production, increased mining sector output, manufacturing sector capacity utilisation growth and accelerated implementation of infrastructure projects as key in spurring the economy towards the 4,3 percent growth rate it has projected this year.
Although the World Bank’s forecast is slightly lower than the treasury’s projections of 5,5 percent, the financial institution’s recognises the importance of the country’s strides in implementing various economic reforms.
The Bank cited the unified exchange rate system, export retention policies, implementation of National Development Strategy 1, improved revenue collections, reduction of distortive spending and limiting the growth of money supply as some of the policies that the country has correctly implemented.
The statistical data shows that Zimbabwe will even outpace most of the economies in the Southern Africa Region in terms of growth projections.
For economists, it is all about how the growth forecast will translate into improving livelihoods.
“The growth forecast is coming as a vote of confidence to the economy but remember, there are still many challenges affecting the economy that have to be given attention as a matter of urgency for the benefit of the economy,” said Dr Zack Murerwa, an Economist.
“It is all about how the economy can perform and is ready to stick to the relevant principles in unlocking growth potential in the short to long term through fiscal discipline and tight money supply controls and ensuring social safety nets,” said Dr Prosper Chitambara a Development Economist.
The multilateral development financier however called on responsible authorities to continue focusing on maintaining stability, fiscal discipline, aggressive COVID-19 vaccination programmes, and industrial productivity.