Prominent economist, Prosper Chitambara who is the Director at the Labour and Economic Development Research Institute of Zimbabwe has said that Zimbabwe needs to work on restoring competitive advantage lost over the years.
His remarks come when the Ministry of Finance and Economic Development is designing strategies to redirect the country’s economy on the track so as to attract investment and to boost production. Chitambara said:
Zimbabwe lost its competitive edge over the years as cost variables went up, hence the need to ensure that we improve the easiness and cost of producing goods and setting up businesses. If treasury’s budget in November for 2020 focuses on that I think it is the right thing to do.
Zimbabwe is embarking on currency reforms which authorities claim will assume an essential role in reviving the economy.
The cost of doing business has been going up at an unparalleled rate due to challenges such as inflation, power cuts and water.
More: ZBC News