tawandamusarurwa
Online Reporter
ZIMBABWE’s economy will grow by 5,3 percent this year, up from an earlier projection of 3,8 percent, the Reserve Bank of Zimbabwe (RBZ) has said.
In the 2023 Mid-Term Monetary Policy Statement released on Wednesday, RBZ Governor Dr John Mangudya said growth will be driven by the improved performance in agriculture, mining and tourism, among other key economic sectors.
“Despite the recent volatility in the exchange rate, the domestic economic prospects remain robust, with economic growth projected at 5,3 percent in 2023, up from the initial forecast of 3,8 percent,” he said.
“This growth is on account of better performance by agriculture, mining, ICT and tourism, supported by expected improvements in electricity generation in the second half of the year.”
In the agriculture sector, for example, maize output is expected to exceed two million tonnes in 2023, up from 1,5 million tonnes last year, while tobacco output reached a record-high 295 million kg this year.
Meanwhile, the RBZ has projected annual inflation to end the year between 60 percent and 70 percent, down from 175,8 percent in June 2023.
Bongani Ndlovu