President Emmerson Mnangagwa predicts over 3% growth in the country’s Gross Domestic Product (GDP) in the first 3 months of 2020, adding that during the previous year no growth had been recorded.
He made this statement last Wednesday while launching the Mutare Urban Renewal project at the Sakubva stadium.
The project was initiated by the City of Mutare and the Local Government Ministry and supported by the local financial institution BancABC.
“This year we are at -6% of the GDP, meaning we don’t have any growth. We are down but next year by March to April, we will be at +3% because of the sound policies we have put in place,” Mnangagwa promised.
He added that the country had to make painful decisions on its way to recovery, saying “it’s passing phase, people shall enjoy.”
The president also noted that no economic success could be achieved without people enduring pain and hardship.
“We have to tighten our belts and I am happy that the worst is over. The most difficult period is now behind us. Things are going to improve,” he said. “Way back our budget, our expenditure was far more than revenue.
“For a country to develop, it must use the available resources. You cannot spend what you don’t have.
“You have to first kill an animal first then you can cook it and eat. You can’t eat a live animal. We introduced some measures to address our economic challenges using locally available resources until we have those who can assist us,” the President said, adding that the foreign investors were beginning to trickle into the country because of the macroeconomic interventions his government had since introduced. “Investors are now coming in the country because the macro-economic fundamentals are now in place. Countries like China, India and Russia stood with us through our difficult situations and today they are still with us.”