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Friday, January 27, 2023
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World Bank projects 3,6 percent economic growth for Zimbabwe

Story by Stanley James, Business Editor

The World Bank says Zimbabwe’s economy will grow by 3,6 percent this year, a projection that is in line with the government’s expectation of a positive economic performance for the year.

The country’s economy is on a growth trajectory driven by agriculture, mining, and construction and the government has predicted a 3,8 growth rate.

According to the latest World Bank Global Economic Prospects Report, Zimbabwe’s Gross Domestic Product (GDP) will remain in a positive trajectory in the next few years.

The projections come in the wake of warnings by the global financier for nations to guard against the effects of geopolitical tensions, food insecurity, high borrowing costs, rising global food prices, unstable energy supplies and climate change, among other shocks.

Zimbabwe’s treasury has however revealed that despite challenges, it is confident of achieving the 3,8 percent growth.

While the World Bank has slashed global economic growth estimates to 1,7 percent from over three percent, Zimbabwe is leveraging on favourable global commodity prices for growth.

Zimbabwe is this year focusing on modernising, industrialising and growing the economy to achieve an upper-middle-income society by 2030.

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