President’s economic philosophy, path towards prosperity
UNDER President Mnangagwa’s leadership, Zimbabwe has undergone a shift in its economic philosophy to one grounded on State-led development.
This is development where the State plays a key role in initiating, planning, financing, directing and evaluating economic growth.
This approach seeks to stimulate economic growth, alleviate poverty and improve living standards by placing the Government at the forefront of the nation’s development efforts.
It is essential to delve into the guiding principles of President Mnangagwa’s economic philosophy and the potential implications for Zimbabwe’s future — one that will leave a positive and long-lasting legacy for posterity.
The principles espoused by President Mnangagwa at the inception of the Second Republic have shaped, redefined and rebalanced the role of the State, building strategic partnerships, promoting economic diversification, infrastructure development and addressing socio-economic challenges to lift millions out of poverty.
This is the gist of Vision 2030. The results are already there for all to see. According to the World Bank, Zimbabwe’s poverty rate declined from 29 percent in 2012 to 16,6 percent in 2019, indicating massive progress made by the Government in addressing inequality and access to basic services such as education and healthcare.
In 2020, the United Nations Development Programme’s Human Development Index showed that Zimbabwe moved eight places up the index, indicating vast progress ushered in by President Mnangagwa’s administration.
The International Monetary Fund staff report programme, in 2021, stated that the Government swiftly responded to the Covid-19 pandemic by supporting businesses, livelihoods and the health sector, resulting in real output growth of 8,5 percent, underscoring the economic resilience ushered in by this new economic philosophy. Given these success stories, it is imperative to explain how the President has set a platform for attaining a developmental state by making the State a crucial player at the heart of the economy. President Mnangagwa recognises the crucial role of the State in driving economic transformation.
His economic philosophy promotes a clear departure from the previous laissez-faire approach and, instead, advocates active State involvement in various sectors. The Government is not perceived as a mere regulator but an enabler and catalyst for economic development. In addition, President Mnangagwa emphasises the importance of strategic partnerships with domestic and international actors built upon three mantras: “Nyika inovakwa nevene vayo”; “Zimbabwe is open for business”; and “Zimbabwe is a friend to all and an enemy to none”.
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