Zimbabwe’s Economy on an upward trend

by Gift Mashoko

Following President Emmerson Mnangagwa’s Zimbabwe is Open for Business mantra and since taking office in November of 2018; Zimbabwe’s economy has and is improving.

Reserve Bank of Zimbabwe Governor, Dr John Mangudya said Zimbabwe’s economy was surely on an upward trend and was showing positive impression to those in the monetary authorities.

Dr Mangudya said the banks were being encouraged by the expansion of the Zimbabwean economy.

“The bank is encouraged by the significant expansion of the Zimbabwean economy over the past six months, with most of the systematically important firms now operating above 60 percent of the capacity utilisation. Others are now operating above 90 percent,” he said

Dr Mangudya said that the performance of the economy was impressive especially key industries which produced important products.

“…Important firms are those producing strategic and essential products that include food products, beverages, packaging, medicines, leather and footwear, essential services, major exporters such as the likes of Delta, National Foods, Lobels, Bakers Inn, Tregers, Dairiboard and others,” he said.

Dr Mangudya highlighted that the Government revised its economic growth forecast and added that there was an increased investor confidence.

“Government recently upwardly revised its economic growth forecast for the second time this year to 6 percent from March’s revised growth projection of 4.5percent.

“Maket watchers say there has been a correspondent growth in consumer confidence. Consumption of lager beer volumes grew by 56 percent to the highest level in nine years. Volumes of sparkling beverages jumped by 23percent as well,” he said.