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Harare - Analysts and economists are usually asked what they think about the economic prospects in any given country.
In turn, these experts use theories and assumptions to make an opinion about the economy.
However, sometimes businesses are better placed to comment on the economy because they are the ones on the ground, facing the challenges and opportunities that characterise the economy.
I dug through several company annual reports to see what Zimbabwean company leaders are saying about the country’s economic prospects in the 2013/14 period.
Here are eight excerpts from latest annual reports and financial statements.
The CEO at British-owned Barclays Bank said the banking group is pinning its hopes on the success of World Tourism Organisation UNWTO's conference, which it expects to signal impetus to the growth of the economy from increased tourist arrivals.
“We believe the mining sectors particularly in gold, platinum and diamonds will provide the economy with the much-needed liquidity which will in turn allow the banking sector to continue on a growth path,” he said.
At Delta Corporation, partly owned by SABMiller [JSE:SAB], the company’s chairperson said trading conditions are expected to be broadly unchanged. Delta volumes for the year to March 31 2013 remained flat for the comparative prior year.
At Pioneer Corporation, the transport company which has 70% of its revenue coming from its operations in South Africa, management is optimistic that the Zimbabwe economy and industry in general will improve going forward, given positive developments on the economic front to attract foreign investment and more lines of credit.
Banking group FBC Holdings, which recently got ShoreCap II Limited as an equity partner, remains optimistic that the country will have peaceful elections in 2013, which will result in macroeconomic stability and increased foreign direct investment, in turn leading to improved liquidity.
The chairperson at CBZ Holdings, Zimbabwe’s biggest bank, is only hoping for an improved operating environment which is conclusive for sustainable investment.
“There is need for long-lasting solutions to the funding challenges and the resuscitation of the manufacturing sector remains a priority for the economy to register meaningful positive growth,” he said.
Dairy products manufacturer Dairibord believes the Zimbabwean economy is still expected to grow, albeit at a slower pace.
“The multicurrency system and low inflation are expected to continue supporting economic stability.”
Hospitality group African Sun is of the opinion that the UNWTO conference in August 2013 will provide the tourism sector with a unique marketing platform, which will enhance the visibility of the destination.
“The resurgence of the national airline is also expected to increase volumes into Victoria Falls hotels, through domestic conference business,” said the group’s CEO.
At cement manufacturer Lafarge, the chairperson remains bullish about the Zimbabwean economy which is expected to continue growing with increased activity in mining, construction and infrastructural development.
“The prospects for further growth in the domestic demand for cement remain strong,” he said.
- Fin24
*Malcom Sharara is Fin24's correspondent in Zimbabwe. Views expressed are his own.
In turn, these experts use theories and assumptions to make an opinion about the economy.
However, sometimes businesses are better placed to comment on the economy because they are the ones on the ground, facing the challenges and opportunities that characterise the economy.
I dug through several company annual reports to see what Zimbabwean company leaders are saying about the country’s economic prospects in the 2013/14 period.
Here are eight excerpts from latest annual reports and financial statements.
The CEO at British-owned Barclays Bank said the banking group is pinning its hopes on the success of World Tourism Organisation UNWTO's conference, which it expects to signal impetus to the growth of the economy from increased tourist arrivals.
“We believe the mining sectors particularly in gold, platinum and diamonds will provide the economy with the much-needed liquidity which will in turn allow the banking sector to continue on a growth path,” he said.
At Delta Corporation, partly owned by SABMiller [JSE:SAB], the company’s chairperson said trading conditions are expected to be broadly unchanged. Delta volumes for the year to March 31 2013 remained flat for the comparative prior year.
At Pioneer Corporation, the transport company which has 70% of its revenue coming from its operations in South Africa, management is optimistic that the Zimbabwe economy and industry in general will improve going forward, given positive developments on the economic front to attract foreign investment and more lines of credit.
Banking group FBC Holdings, which recently got ShoreCap II Limited as an equity partner, remains optimistic that the country will have peaceful elections in 2013, which will result in macroeconomic stability and increased foreign direct investment, in turn leading to improved liquidity.
The chairperson at CBZ Holdings, Zimbabwe’s biggest bank, is only hoping for an improved operating environment which is conclusive for sustainable investment.
“There is need for long-lasting solutions to the funding challenges and the resuscitation of the manufacturing sector remains a priority for the economy to register meaningful positive growth,” he said.
Dairy products manufacturer Dairibord believes the Zimbabwean economy is still expected to grow, albeit at a slower pace.
“The multicurrency system and low inflation are expected to continue supporting economic stability.”
Hospitality group African Sun is of the opinion that the UNWTO conference in August 2013 will provide the tourism sector with a unique marketing platform, which will enhance the visibility of the destination.
“The resurgence of the national airline is also expected to increase volumes into Victoria Falls hotels, through domestic conference business,” said the group’s CEO.
At cement manufacturer Lafarge, the chairperson remains bullish about the Zimbabwean economy which is expected to continue growing with increased activity in mining, construction and infrastructural development.
“The prospects for further growth in the domestic demand for cement remain strong,” he said.
- Fin24
*Malcom Sharara is Fin24's correspondent in Zimbabwe. Views expressed are his own.
