Zim economy has potential to rebound

HARARE: Zimbabwe’s economy has the potential to rebound by 2030 to achieve the government’s vision of becoming a middle-income country, explained Said Adejumobi, the regional director for Southern Africa at the UN Economic Commission for Africa (Uneca), said this week.

President Emmerson

Mnangagwa, who won the presidency with 50.8% of the vote, has promised this will be achieved by 2030.

“My sense is that it is doable, but 2030 is still a while away. We are talking about 12 years from now. I think Zimbabwe can rebound dramatically to achieve that goal,” said Adejumobi.

MICS are defined by the World Bank as having a per capita gross national income of $1 026-$12 475.

Zimbabwe is classified as a lowincome country with per capita income of $890 (R11 910).

“The first fundamental thing is to stabilise the economy, to gain investors’ confidence, while beneficiation and value addition of minerals are extremely important, along with the expansion of the agricultural sector.”

He expected growth to surpass the 1% GDP projection for 2018.

Zimbabwe still has outstanding arrears of $601 million with the African Development Bank and $1.1 billion with the World

Bank.

– Sputnik