HomeNewsED launches 5-year economic blueprint

ED launches 5-year economic blueprint

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PRESIDENT Emmerson Mnangagwa yesterday promised prosperity and an improved quality of life for Zimbabweans during the launch of a new five-year economic blueprint, the National Development Strategy One (NDS1) in Harare, which focuses on inclusive economic development between 2021 and 2025.

BY TATIRA ZWINOIRA

NDS1 succeeds the Transitional Stabilisation Programme (TSP) launched in 2018 which introduced austerity measures that resulted in the public being heavily taxed after the inception of the 2% electronic transaction
tax.

The NDS1 expects economic recovery rates of 7,4% next year, 5,5% in 2022, 5,2% in 2023 and 2024, and 5% in 2025.

“Through the implementation of NDS1 we, therefore, envision inclusive development, an improved quality of life for our people and shared prosperity. Our country must equally emerge from the strategy period more competitive with diverse and vibrant trade relations and investments,” Mnangagwa said.

“This launch of the NDS1 and
its subsequent implementation commencing in January 2021, allows the nation to build on the achievements and lessons learnt during the implementation of the TSP. Our success going forward must continue to be anchored on our united unitary character, as a nation,” he said.

Mnangagwa said the strategies, policies, legal and institutional reforms, programmes and projects highlighted in the NDS 1 document would be implemented to achieve accelerated, high, inclusive, broad-based and sustainable economic growth.

The areas to be prioritised under NDS1 include economic growth and stability, food and nutrition security, governance, moving the economy up the value chain and structural transformation, human capital development, environmental protection, climate resilience and natural resource management, housing delivery, digital economy, health and well-being; infrastructure and utilities, image-building and international engagement and re-engagement, social protection; youth, sport and culture; and devolution.

He said the idea was to transform the economy from a natural resource-based economy to a knowledge-driven one.

Meanwhile, the gross national income per capita is expected to close the year at US$1 159,80 (2020), US$1 842,20 (2021), US$2 137,10 (2022), US$2 712,70 (2023), US$2 960,70 (2024), and US$3 207,30 (2025).

However, the continued volatility of the Zimbabwe dollar on the back of no substantial foreign currency, commodity or market confidence backing will make it difficult to achieve these goals as wages continue to be eroded by the depreciation of the Zimdollar.

NDS 1 envisages that this can be achieved through the adoption and swift implementation of bold policies aimed at achieving economic transformation.

“This will be done through the creation of a thriving private sector-led competitive economy, implementation of sound macroeconomic policies anchored on fiscal discipline, monetary and financial sector stability including enhancing an open and business friendly environment, which promotes both foreign and domestic investment,” the policy document read.

Mnangagwa said in implementing the policy, his administration would insist on visible results which impact on the daily lives of Zimbabweans and the growth of the economy as a whole.

He said the NDS1 would synchronise the national budget and the national plan in its implementation process, adding that ministries should include the new policy framework in their strategic plans.

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