Vice President of the Confederation of Zimbabwe Industries (CZI), Henry Ruzvidzo, has predicted a tough 2018 for Zimbabwe during a 2018 Economic Outlook Symposium in Harare today. Ruzvidzo, who was speaking about predictions based on the symposium presentation said that there are a lot of things militating against the country.
“In terms of the regional pricing… we are four times more expensive than the region and the drought which is here that is militating against us,” said Ruzvidzo.
Ruzvidzo also said that other things militating the country are a fiscal deficit and loss-making parastatals.
Despite the predictions of a tough 2018 for the country, the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, who was a guest during the symposium remains optimistic that the economy is going to improve and said that the problem is not about the fiscal deficit. Mangudya also said that most of the countries including the United States of America have deficits in the government.
“The problem is not about the deficit… it’s about financing the deficit,” said Mangudya.
The Governor said that Zimbabwe which was under sanctions did not have access to the international lenders to finance the deficit.
CZI which planned the symposium is an independent organisation that represents and serves interests of members in a wide array of matters affecting their viability and competitiveness. The symposium was also attended by parliamentarians and business people who are likely to use presentations for budgeting.