Story by Stanley James, Business Editor
ZIMBABWE’s recovery and growth trajectory continues to attract the interest of multilateral financiers, with the African Development Bank (AfDB) predicting over five percent growth for the country’s economy this year.
In its latest African Economic Performance Report, the AfDB is giving a positive outlook of Zimbabwe’s economy.
At 5,3 percent, the bank is ranking Zimbabwe on the second spot in terms of recovery and growth compared to other Southern African economies.
Agriculture is cited by the AfDB as the main sector that will record major recovery strides followed by mining, transport and distribution, construction, retail, and manufacturing, among others.
University of Zimbabwe Business School Director, Professor Albert Makochekanwa notes that despite the AfDB forecast falling short of government’s range at six percent, findings by the global financier reflect confidence on recovery.
“The AfDB report shows some positive developments related to overall macroeconomic growth trajectory, and this is coming at the right time when the government intends to scale up economic growth. Of course, there are some challenges here and there, but what is needed is the will to oversee the set targets become a reality for the benefit of the nation.”
Zimbabwe National Chamber of Commerce president, Mr Tapiwa Karoro, says consolidating the current gains is critical.
“What is needed is that element of stakeholder commitment where the government and the private sector work together towards identifying what needs to be done this year, while there are positive signs of the economy growing, there are still many grey areas that need to be sorted in terms of consolidating the current gains,” he said.
The AfDB is the latest institution to give a vote of confidence on the economic recovery after the International Monetary Fund and the World Bank earlier this year released reports supporting the six percent growth forecast.
