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Mthuli Revises Zimbabwe’s Economic Growth Projection

8 months agoFri, 26 Jul 2024 07:03:40 GMT
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Mthuli Revises Zimbabwe’s Economic Growth Projection

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube has revised Zimbabwe’s projected economic growth for the year from the earlier forecast of 3.5% to 2%.

This downward adjustment is due to the devastating impact of the El Niño-induced drought.

In his Mid-Term Budget Review Statement presented to parliament on Thursday, Minister Ncube explained that the projected increase in winter wheat production during the current season will help mitigate the contraction in the agriculture sector. He said:

The domestic economy is now projected to grow by 2% in 2024, down from the 2024 National Budget projection of 3.5%.

This downward revision is mainly attributed to the more severe than expected impact of the El-Nino induced drought on agriculture output.

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The growth projection is, however, subject to upside potential as wheat output during this winter season could be higher than projected.

This would reduce the contraction of the agriculture sector and ultimately improve the overall GDP outcome for this year.

Ncube also said the introduction of a new gold-backed national currency, the ZiG, on 05 April this year stabilised prices in the economy. Said Ncube:

Government undertook currency reforms culminating in the introduction of the Zimbabwe Gold (ZiG) replacing the Zimbabwe dollar on 5th April, 2024.

In that regard, the ZiG month-on-month inflation remained stable at 0% in June from -2.4% in May 2024, while the US$ month-on-month inflation stood at -0.3%, from 0.1% in May 2024.

In the outlook period, inflationary pressures are expected to remain subdued due to the tight monetary and fiscal policies being pursued by the authorities aided by the dissipating negative inflation expectations as the local currency unit remains stable against major currencies.

More: Pindula News

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10 Comments

kuti dzvii · 8 months ago
ko nhai zig vacho ariku performera kupi handisati ndambomuonawo nanhasi
HiLLBiLLIES VOLkSWAGEN 0774857233 · 8 months ago
MTHULI NCUBE HAAZI RIYE ARI KUMHANYA CHINHU ICHI BT BOYS DZEPA COPACABANA NDODZAKABATA ECONOMY YEZIMBABWE KUTI DZVIIII
HiLLBiLLIES VOLkSWAGEN 0774857233 · 8 months ago
SO LONG ZIMBABWE CURRENCY AND INFLATION RATES STILL DETERMINED BY ZiG UMMH HAPANA HAPANA UKU KUDA KUKAMA MUKAKA PAGUDO
Tkt · 8 months ago
How do you forecast a Development after explaining you forsee the Gvt spending more than Revenue? Where's the the Development part of it?
Chibaba · 8 months ago
Our economy will never grow because the rate at which looting is being done is very high. mari yenyika irikubiwa naChivhayo, maChina, Vene vayo, Guvamatanga, Mupfumira, gold mafia etc it's scandal after scandal so in short ED removed the criminals around Mugabe and replaced them with his own preferred ones and relatives.
he is a tool ! · 8 months ago
hey tool cube you sukK !
Izvozvo Tazvihwa Asi Tirikuti · 8 months ago
Even the 2% is over exaggerated
Anonymous · 8 months ago
Last year Ncube told us that 2024 GDP was going to be 7%. So what has happened? I know - but I'm not saying anything.
####400 · 8 months ago
How can our economy grows if we don't have direction. We have both economic and political instability so it is possible to our national to fall down 👇

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