Mnangagwa forecasts 7% economic growth

Published: 04 June 2018

President Mnangagwa is optimistic the economy will grow by at least seven percent annually in the next five years on the strength of Government's economic reforms and other interventions.

Addressing thousands of Zanu-PF supporters at a rally at-PFupajena Stadium in Chegutu yesterday, the Zanu-PF First Secretary and President said Government sought to transform Zimbabwe into a middle income economy by 2030.

He said his administration inherited an economy projected to grow by around three percent.
"At the moment the Government is working on developing the economy for the boys and girls of tomorrow. We want to leave an environment, a situation, a country full of hope. One full of confidence for the future," President Mnangagwa said.

"This is why we have said within the next 12 years, that is, by 2030, 12 years from now, with the programmes we have in agriculture, mining, tourism, infrastructure development, ICT and manufacturing", Zimbabwe will be a middle-income country.

"All the programmes we have, generation of power with all those things taking place, we have no doubt, I have no doubt, the current dispensation has no doubt that by the year 2030 we would have transformed this country into a middle class economy."
President Mnangagwa said per capita income in Zimbabwe would reach $3 500 by the year 2030.

"Currently, the per capita income is at approximately $950 per person but we want to raise this per capita income. We believe that when we took over last year, the economic growth was around three percent and within four months to six months now we are sitting at 4,7 percent.

"I have no doubt that by December this year we should have reached five percent economic growth and we are determined that after the next general election to be held in July, our economy will grow at an average of seven percent annually."
The President said the economic growth projection should also spur the growth of Zimbabwe's GDP.

He said the projections were also very conservative considering Government programmes being implemented.
The new administration has attracted $16 billion in foreign direct investment (FDI) commitments.

Multinational companies, including the US's General Electric, are scrambling for opportunities in the country.
General Electric is interested in the $5,2 billion Batoka Gorge hydroelectric power project whose construction will generate 2 400 megawatts to be shared with Zambia.

Other foreign companies have also expressed interest in platinum and coal-bed methane worth billions of dollars.
- the herald

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