Incorporate human approach in GDP measurement

24 Jan, 2023 - 12:01 0 Views
Incorporate human approach in GDP measurement Deputy Minister Raj Modi

The Chronicle

Sikhulekelani Moyo, Business Reporter

INDUSTRY and Commerce deputy minister Raj Modi has said there is a need to focus on a human-centered approach to economic development and not sorely depend on the gross domestic product (GDP) to measure growth.

He said by combining both measures will help to improve the standards of living in Zimbabwe and in Africa through the implementation and support of projects which are inclusive of gender and youth.

In a speech read on his behalf by an economist in the ministry, Ms Pretty Nyathi, at the Business Success Accelerator Conference 2023 in Bulawayo last Friday, Deputy Minister Modi said women and youth are the engines of development in Africa as they are essential to the impactful implementation of investment and industrialisation.

The conference was organized by a Bulawayo-based organization, Youth Network Connect (YNC).

“It is important to reiterate that our continent needs a human-centered development, a development that is not only assessed based on the gross domestic product of a country but that is anchored on the improvement of the standard and quality of life of Africa’s people,” said Deputy Minister Modi.

“Inclusive growth and development are therefore critical and important and inclusiveness is one of the cornerstones of Vision 2030.”

The Second Republic has been working on promoting gender equality through women and youth empowerment projects, which have seen the introduction of Women Micro-Finance Bank and Empower Bank, which are meant to finance their projects.

Headlining the conference was the business consultant, speaker, and author from the United States of America, Dr Ron Eccles who said building wealth was a skill set while keeping it was a discipline.

The managing director for Youth Network Connect, Mr Philimon Nyirenda said empowering the youth requires understanding their needs, values and goals.

“In order to do that, it is important to invest in youths by creating opportunities for them to learn new skill sets and gain new empowerment experiences.”

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