Steady growth for Zimbabwean economy

The Zimbabwean economy has maintained steady growth, slightly improving this year compared to last year's ranking, according to the latest World Economic Forum Global Competitiveness Report for 2014-2015.

Zimbabwe moved seven places up from 131st position last year to position 124 out of 144 countries surveyed.

Presenting his Mid-Term Monetary Policy Review statement in Parliament last Thursday, Patrick Chinamasa, the minister of Finance and Economic Development, increased excise duty on fuel.

The new prices for petrol will be were $1,50 and $1,55 per litre, effective September 12.

Diesel is now ranging between $1,40 and $1,45 and some stakeholders anticipated a spate of increases in the prices of the commodities as firms responded to the fuel increases.

Economists, are however, adamant the 5 cents increase would not trigger a round of price increases since the price of fuel on the international market has been steadily falling.

Former Confederation of Zimbabwe Industries president Dr Joseph Kanyekanye, said any "minuscule" increase in excise duty should not be felt by consumers through price increases.