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By Nomfanelo Maziya | 2024-11-15
Eswatini's economy continues to outperform regional peers, with a projected growth rate of five per cent for 2024.
This growth, as announced by Minister of economic Planning and Development Dr. Tambo Gina, is significantly higher than the regional average of 2.5 per cent under the Southern African Development Community (SADC) and just over two per cent for the Southern African Customs Union (SACU).
While the rebasing of the GDP calculation slightly adjusts the growth rate to around 3.6 per cent, Eswatini still maintains a strong economic performance compared to other regional economies, including South Africa, which is grappling with a one per cent growth rate.
Minister of Commerce, Industry, and Trade Manqoba Khumalo highlighted that Eswatini's economic success was a testament to strategic planning. “This is something we need to acknowledge as a country because this is not a function of chance but of strategy,” said Khumalo.
The minister attributed this robust economic performance to the private sector's commitment to the country's Post-COVID-19 recovery plan. “As the minister responsible for SMEs, big business, trade and investment, I want to convey my profound appreciation to the private sector,” said Khumalo.
Despite fiscal constraints faced by government, the private sector has stepped up to drive economic growth. By honouring the commitments made in the recovery plan, private sector entities have initiated and completed numerous projects that have positively impacted the GDP.
This proactive approach by the private sector had been crucial in mitigating the economic fallout from the pandemic and has positioned Eswatini for sustained growth, according to Khumalo.
The private sector's investments in various sectors, particularly manufacturing and retail, had been instrumental in driving growth.
The manufacturing sector, in particular, benefited from government investments in factory shells, which have attracted significant private sector investment.
The retail sector also witnessed substantial growth, with companies like African Alliance, the Spar Group, and the Mansoor Group and others making significant investments in new retail developments, such as the Manzini Mall. Government's ambitious infrastructure projects, including road construction, energy projects, and the new parliament building, are expected to further stimulate economic growth and create jobs.
The minister expressed optimism that these projects, coupled with continued private sector investment, would propel Eswatini's economy to even greater heights, potentially reaching double-digit growth rates in the coming years.
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