Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.
This is according to a statement issued by the International Monetary Fund following the conclusion of its staff visit between the 18th and 25th of October.
However, the growth is predicted to slow down to 3.5% next year as a result of weaker global demand for minerals and a weather-related deceleration in the agricultural sector.
“As external conditions worsen, the economic outlook will even more crucially depend on progress toward macro-economic stabilisation and transformational structural reforms,” according to Wojciech Maliszewski, head of the IMF staff team.
The International Monetary Fund went on to add that Zimbabwe’s economy grew 3% in 2022.
Maliszewski said the country’s economy has continued its recovery from the Covid pandemic, yet robust reform efforts are needed to boost Zimbabwe’s growth potential in the longer term.
“Structural reforms aimed at improving the business climate and reducing governance vulnerabilities are key for promoting sustained and inclusive growth and would bode well for supporting Zimbabwe’s development objectives embodied in the country’s National Development Strategy 1 (2021-2025),” the head of the IMF staff team added.
During the visit, the team from the International Monetary Fund held meetings with Finance, Economic Development and Investment Promotion Minister Mthuli Ncube, Reserve Bank of Zimbabwe Governor John Mangudya, as well as representatives from the private sector, civil society and Zimbabwe’s development partners, amongst other key stakeholders.
“The IMF staff wishes to express its gratitude to the Zimbabwean authorities and stakeholders for the constructive and open discussions and support during the mission,” Maliszewski concluded.
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