Africa-Press – Eswatini. Business Eswatini (BE) expects the inflation rate to stabilise at around five per cent in the medium term.
The entity also projected a decline in the fiscal deficit and public debt, due to a strong rebound in the Southern African Customs Union (SACU) receipts. This was revealed by BE President, Mvuselelo Fakudze, in the entity’s end of year statement, which was shared to members. Fakudze highlighted that, despite the challenges posed by the war in Ukraine, intensifying tensions in the Middle East and rising inflation, Eswatini’s economy had shown resilience and recovery. “As we approach the end of 2023, I would like to take this opportunity, to reflect on the past year and express my gratitude for your continued support and collaboration.
According to various sources, the real gross domestic products (GDP) growth in 2023, is projected to be around 3.5 per cent, supported by a rebound in domestic demand and rejuvenation of consumption and investment spending,” he said. It is worth mentioning that an editorial of Eswatini, by PESA also pointed that the inflation was projected to remain at 5 per cent, in 2024 after rising to an annual average of 4.1 per cent, in 2020-2022. PESA is an independent think-tank, promoting regional integration in SADC and providing research and the analysis, monitors and promotes regional integration in SADC and facilitates policy dialogues.
Innovation
Fakudze said they were proud of the achievements and contributions of their members in various sectors and industries. “You have demonstrated innovation, adaptability, and resilience in the face of adversity. You have also contributed to the social and environmental well-being of our country, by creating jobs, empowering women, and mitigating the effects of climate change. We are also delighted to welcome our new Board members, who were elected at our Annual General Meeting in September, they bring a wealth of experience, expertise, and diversity to our organisation,” he asserted through the statement. Fakudze revealed that they looked forward to working with them to advance the entity’s vision and mission. “As we enter the New Year, we remain committed to our core values of advocacy, representation, support, and advice.”
The president, who also serves as Standard Bank Chief Executive, said they would continue to engage with the government, the organised labour, and other stakeholders, to promote a conducive business environment and address the key challenges facing their economy and society. “We wish you all a restful and joyful holiday season, and a prosperous and healthy 2024. Thank you for being part of our Business Eswatini family,” he said.
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