Andrew
Online Reporter
Reserve Bank of Zimbabwe (RBZ) says it is confident the economy will grow 5,5 percent this year despite the fallout from the coronavirus pandemic and the Russia-Ukraine conflict.
The central bank maintains the economy continues to show strong signs of growth, as the Purchasing Managers Index (PMI) – produced by the Zimbabwe National Statistics Agency (Zimstat) – stood at 0,7 percent in the last quarter of 2021, signifying a 10 percentage point increase from 40,7 percent in the third quarter.
PMI is an index that shows economic trends in the manufacturing and service sectors.
Speaking at the inaugural Corporate Governance Colloquium, which was organised by the Institute of Corporate Directors Zimbabwe (ICDZ), RBZ deputy director of the Economic Research Division, Dr Nebson Mupunga, said: “Despite lack of external credit and foreign direct investment (FDI) as well as the devastating effects of Covid-19, most sectors in the economy have shown great resilience, reflecting the importance of the domestic financial sector.”
However, rising global oil and food prices have been impacting the domestic market since February 2022, leading to country missing its initial inflation target.
Tinaye Agere
Online Reporter