Story by Stanley James, Business Editor
WITH Zimbabwe targeting economic growth of around five percent this year following an estimated six percent expansion last year the business community has pledged to work closely with Government to help sustain momentum and consolidate recent gains.
The growth outlook, which has been endorsed by multilateral institutions including the World Bank and the International Monetary Fund, formed the backdrop of high-level discussions between business leaders and officials from the Reserve Bank of Zimbabwe (RBZ) on strategies to deepen economic expansion.
Participants said consistent engagement between the public and private sectors would be critical in translating macroeconomic stability into broad-based growth.
“The Government sets the pace and we as the private sector have a role to see that such aspirations become a reality and that comes the issue of a comprehensive dialogue,” Chairperson of Success Motivation Institute, Dr Nigel Chanakira said.
“This economic outlook symposium is laying the foundation as to what is needed to take this economy forward and as such it is all about the role of industry and commerce in shaping the overall economic landscape,” Chief Economist of Africa Economic Development Strategies, Ms Pretty Nyathi noted.
“There is that element of optimism which is gathering pace but that will actually depend on how the current gains are consolidated to facilitate continuous growth going forward,” Economist, Mr Brains Muchemwa stated.
Dr Innocent Matshe, the Central Bank Deputy Governor, emphasized that the economy urgently needs policymakers to act on their promises and establish clear, reliable policies.
“If you listened very well to my speech I alluded to the fact that certainty is key and likewise as the central bank we shall continue to focus on our tight monetary policy stance that has to date yielded the much-needed results in terms of easing inflationary pressures and strengthening the domestic currency.”
Economic growth is expected to be driven by improved gold reserves, more exports, good rains and a stable exchange rate, and captains of industry believe continuous dialogue with government is also key for the attainment of the new targets.
