LISTED supplier of electrical products and service provider, Powerspeed has expressed concern over Zimbabwe’s economic prospects, describing it as “uncertain like never before”.
The country is experiencing multifaceted economic problems punctuated by runaway inflation, eroded earnings, currency volatility and policy inconsistences which it said were an albatross on business.
“Zimbabwe has been through periods of extreme uncertainty in the past. However, we are possibly facing even greater uncertainties than ever before, which makes it extremely difficult to predict the future performance of the Group,” said Powerspeed company secretary Martin Gurira in a statement accompanying the firm’s trading update for the quarter to June, 2020 “Having said that, we will continue to focus on growth of shareholder value, with the confidence that we have the resources to survive short term business disruptions such as those that we had in April of this year.”
The firm said the economic difficulties facing Zimbabwe had been exacerbated by the COVID-19 pandemic, but now a shrinking economy which was already expected would now be even greater than anticipated.
This will have a negative impact on almost all businesses in Zimbabwe as consumer spending declines
