World Bank forecast 2,7pc economic growth for Zimbabwe

12 Jan, 2020 - 00:01 0 Views
World Bank forecast 2,7pc economic growth for Zimbabwe Prof Mthuli Ncube

The Sunday News

The World Bank has forecast Zimbabwe’s economy to grow by 2,7 percent this year, a growth that almost tallies with Finance Minister Mthuli Ncube’s 2020 National Budget projection of 3 percent.

This follows a contraction last year.

However, shortage of foreign currency and electricity are expected to persist in 2020, and weigh down recovery of industry and services.

Minister Ncube announced an array of incentives and investments in the 2020 budget to jump-start the economy by supporting growth in mining, agriculture, industry, tourism and other productive sectors to spur growth.

This comes after natural disasters such as drought as well as tropical cyclones that struck parts of Zimbabwe last year, plunged the economy into projected negative economic growth of minus 7,5 percent.

The World Bank reckons that agriculture drove growth in some African countries while in others growth softened on decelerating external demand and lower commodity prices as well as the effect of natural disasters.

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