IMF revises Zimbabwe growth upwards to 2%

IMF revises Zimbabwe growth upwards to 2%
Published: 18 April 2017 (501 Views)


The International Monetary Fund (IMF) continues to be bullish on the 2017 global growth and has marginally reviewed upwards Zimbabwe's real gross domestic product projections from the -2.5% it forecast in its October 2016 outlook to 2%. 

The World Bank's Global Economic Prospects report released in January had forecast that the Zimbabwean economy will grow by 3.8%. In March, government also reviewed 2017 growth from the 1.7% initially announced in the 2017 National Budget to 3.7%, following a better than expected agricultural season and firming metal prices.

Zimbabwe’s inflation, which last month surged to 0.21%, is expected by the IMF to close the year at 5%, which will be the highest annual average since dollarization. 

Botswana is projected to grow by 4.1%, Malawi 4.5% and Zambia 3.5%. However, South Africa is projected to register a modest growth of 0.8%.

The IMF says significant downside risks continue to cloud the medium-term outlook and one salient threat is a turn toward protectionism which might lead to trade warfare. Zimbabwe has been having problems with neighbouring countries such as South Africa and Zambia, after imposing import controls last year.

- online

Tags: Zimbabwe, IMF, GDP,
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