News / National
'Zimbabwe economy enters growth phase'
11 Aug 2022 at 06:38hrs | Views
President Mnangagwa said Zimbabwe's economy has transitioned from recovery to a growth phase, adding economic activity is projected to expand by a weighty 4,6 percent in 2022 despite the negative impact of Covid-19 and war in eastern Europe on the world economy.
In his Heroes Day commemoration speech, President Mnangagwa said focus should now be on the implementation of economic development programmes and projects, which are key towards attainment of Vision 2030, by which Zimbabwe is expected to have attained upper middle income status.
"In spite of the various shocks, our economy has transitioned from recovery to a phase of growth, with 4,6 percent projected economic growth for 2022.
"This trajectory is anchored by the mining, manufacturing, and construction and tourism sectors and the onus rests with every individual and corporate to protect our economy from saboteurs and currency manipulators," he said.
Vision 2030 was launched in September 2018 to chart Zimbabwe's new development trajectory to achieve an Upper Middle Income Society by 2030, for an empowered and prosperous Zimbabwe.
The Vision reflects the collective aspirations and determination of the people of Zimbabwe to achieve and sustain economic growth, broad based transformation, while conferring equal opportunities for all.
The objectives of Vision 2030 are guided by the interventions that the Government is undertaking through the National Development Strategy 1: (NDS1 2021-2025)
NDS1 is Zimbabwe's first 5-year Medium Term Plan aimed at helping the country realise the Vision 2030 targets, while simultaneously addressing the global aspirations of the Sustainable Development Goals (SDGs) and Africa Agenda 2063.
According to President Mnangagwa, the broad array of programmes by the Government to enhance production and productivity in the agriculture sector is seeing the emergence of new categories of heroes and heroines in this sphere.
He said that the Pfumvudza/Intwasa state Programme will not stop and remains ongoing with the number of beneficiaries increasing from 1.8 million to 3 million households.
On mining, he said that the country is on course to realise the target of a US$12 billion sector by 2023.
"Mining houses have been directed to always ensure that our communities benefit from the exploitation of mineral resources in their vicinity. After all, the heroes and heroines we are remembering fought for the land as well as that which is under it," said President Mnangagwa.
Zimbabwe launched the Strategic Road to the Achievement of a US$12 billion by 2023 in October 2019 as part of the broader macroeconomic roadmap towards an Upper Middle-Income Economy by 2030.
The multi-billion-dollar industry will be driven by gold, platinum, diamond, chrome, iron ore, coal, lithium, and other minerals.
The expected mineral contribution to the US$12 billion is that US$4 billion will come from gold, US$3 billion in platinum, US$1 billion in diamonds, US$1 billion in coal, US$1 billion in chrome, ferrochrome and carbon steel, half a billion in lithium and US$1,5 billion in other minerals, making it US$12 billion.
The artisanal and small-scale miners (ASM) are also expected to play an important role towards the mining milestone with sector player's committing to contribute US$4 billion by the targeted period.
Currently, various projects running into billions of US dollars, largely financed by the private sector, are at different stages of implementation, with the Government facilitating the ease of doing business to encourage investments in the sector.
President Mnangagwa said that the unprecedented rate of expansion of the mining sector, together with increased capacity utilisation in the manufacturing sector, increasing urbanisation and the modernisation of our rural areas has resulted in the growing demand for energy.
He said that in line with these new realities, the Government is determined to broaden the country's energy generation and distribution mix.
"As we do so, no one and no place will be left behind in our integrated development agenda," he said.
President Mnangagwa also noted that the rehabilitation and construction of key national infrastructure which are critical in facilitating trade and the delivery of quality services across the country's Provinces and Districts is showing visible progress.
He noted that every Zimbabwean must have access to clean potable water and sanitation hence significant progress is being recorded in the construction of Gwayi-Shangani Dam, Chivhu Dam, Kunzvi and Tuli Manyange Dams, among others.
President Mnangagwa also highlighted that the Presidential Borehole Drilling Scheme is well under way and will see the drilling of one borehole per village.
In his Heroes Day commemoration speech, President Mnangagwa said focus should now be on the implementation of economic development programmes and projects, which are key towards attainment of Vision 2030, by which Zimbabwe is expected to have attained upper middle income status.
"In spite of the various shocks, our economy has transitioned from recovery to a phase of growth, with 4,6 percent projected economic growth for 2022.
"This trajectory is anchored by the mining, manufacturing, and construction and tourism sectors and the onus rests with every individual and corporate to protect our economy from saboteurs and currency manipulators," he said.
Vision 2030 was launched in September 2018 to chart Zimbabwe's new development trajectory to achieve an Upper Middle Income Society by 2030, for an empowered and prosperous Zimbabwe.
The Vision reflects the collective aspirations and determination of the people of Zimbabwe to achieve and sustain economic growth, broad based transformation, while conferring equal opportunities for all.
The objectives of Vision 2030 are guided by the interventions that the Government is undertaking through the National Development Strategy 1: (NDS1 2021-2025)
NDS1 is Zimbabwe's first 5-year Medium Term Plan aimed at helping the country realise the Vision 2030 targets, while simultaneously addressing the global aspirations of the Sustainable Development Goals (SDGs) and Africa Agenda 2063.
According to President Mnangagwa, the broad array of programmes by the Government to enhance production and productivity in the agriculture sector is seeing the emergence of new categories of heroes and heroines in this sphere.
He said that the Pfumvudza/Intwasa state Programme will not stop and remains ongoing with the number of beneficiaries increasing from 1.8 million to 3 million households.
On mining, he said that the country is on course to realise the target of a US$12 billion sector by 2023.
"Mining houses have been directed to always ensure that our communities benefit from the exploitation of mineral resources in their vicinity. After all, the heroes and heroines we are remembering fought for the land as well as that which is under it," said President Mnangagwa.
The multi-billion-dollar industry will be driven by gold, platinum, diamond, chrome, iron ore, coal, lithium, and other minerals.
The expected mineral contribution to the US$12 billion is that US$4 billion will come from gold, US$3 billion in platinum, US$1 billion in diamonds, US$1 billion in coal, US$1 billion in chrome, ferrochrome and carbon steel, half a billion in lithium and US$1,5 billion in other minerals, making it US$12 billion.
The artisanal and small-scale miners (ASM) are also expected to play an important role towards the mining milestone with sector player's committing to contribute US$4 billion by the targeted period.
Currently, various projects running into billions of US dollars, largely financed by the private sector, are at different stages of implementation, with the Government facilitating the ease of doing business to encourage investments in the sector.
President Mnangagwa said that the unprecedented rate of expansion of the mining sector, together with increased capacity utilisation in the manufacturing sector, increasing urbanisation and the modernisation of our rural areas has resulted in the growing demand for energy.
He said that in line with these new realities, the Government is determined to broaden the country's energy generation and distribution mix.
"As we do so, no one and no place will be left behind in our integrated development agenda," he said.
President Mnangagwa also noted that the rehabilitation and construction of key national infrastructure which are critical in facilitating trade and the delivery of quality services across the country's Provinces and Districts is showing visible progress.
He noted that every Zimbabwean must have access to clean potable water and sanitation hence significant progress is being recorded in the construction of Gwayi-Shangani Dam, Chivhu Dam, Kunzvi and Tuli Manyange Dams, among others.
President Mnangagwa also highlighted that the Presidential Borehole Drilling Scheme is well under way and will see the drilling of one borehole per village.
Source - The Herald
