INDUSTRY and Commerce minister Mike Bimha Wednesday admitted that the economy remained “fragile” despite attempts to intervene by implementing the ZimAsset economic blueprint.
Speaking at the two-day Zimbabwe National Chamber of Commerce annual congress running under the theme “Translating economic blueprints into growth” in Victoria Falls, Bimha said strategies guiding the implementation of ZimAsset were already in place but it was difficult to implement because of the unfavourable economic environment.
“Notwithstanding the significant positive gains realised in significantly taming inflation and improvement of the supply of goods and services, the economy remains regrettably fragile,” he said.
Bimha said the government was aware of the challenges facing industry and commerce and solutions would be put in place to address the challenges.
“The economy is stuck in an untenable low equilibrium position characterised by low capacity utilisation, low wages, low levels of employment and low investments rate, and this is not sustainable,” he said.
“Zimbabwe requires substantial capital flows to underpin economy wide recapitalisation, overhaul the antiquated machinery teeming in the factories, replacement of technologies of decades ago with new technologies and revamp our infrastructure.”