Mining to drive $100bn economy dream

This article was written by Professor Tshuma on 24 May, at 00 : 29 AM

THE mining sector which was expected to supplement the national budget by chipping in with US$600 million this year will drive the US$100 billion dollar economy as its performance is positively rising.

KM Financial Solutions (MKFS) believes Zimbabwe is one of the fastest growing economies currently having a constant growth rate averaging eight percent for the past three consecutive years.

In their CEO’s note, KMFS reaffirms its dream and position that Zimbabwe’s economy should be at least US$100 billion by year 2040, adding that the leading drivers will be two highest mined minerals, diamonds and platinum.

“Zimbabwe is one of Africa’s fastest growing economies with a growth rate of over eight percent for the last three years and projected to grow to US$100 billion over the coming three decades to 2040,” said KMFS.

“The projections are based and driven by excellent platinum and diamond reserves which endow the country, a highly educated population and a rebounding agricultural sector.”

KMFS also says due to these highlights, they anticipate that infrastructure demand will rise due to a steadily growing economy, saying requirement of infrastructure building related goods and services will also rise.

KMFS chief architect ad group chief executive, Mr. Kenias Mafukidze (pictured) is on record saying that it was every Zimbabwean’s responsibility to contribute to the achievement of these visions put in place as the economic astringent conditions affect everyone irrespective of race, colour and political association.

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Mr. Mafukidze projected that Zimbabwe’s economy will be the fastest growing financial system on this planet by 2030, which if comes possible, will mean that the country will be able to achieve the US$100 billion economy by year end in 2040.

He said: “Zimbabwe is going to be the fastest growing economy on this planet in the years 2005 to 2030.”

Analysts feel that with the 5, 7 percent growth rate in 2009 rising to 8, 1 percent in 2010, and, further rising to 9, 3 percent in 2011, there is no question as to the effect that Zimbabwe is now on a strong economic growth path and fast becoming an economic powerhouse.

“Zimbabwe’s economy has got the potential to grow and it is now the duty of the finance ministry to match allocation with disbursement so that targets sets are realised,” said Johannes Chiminya, a veteran business analyst.

Zimbabwe is also enjoying its growth from the relationship it entered into with China, which is also a fast growing economy, through the Look East Policy which has yielded a lot of economic gains through business bilateral relations.

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