Zimbabwe: IMF Projects 6pc GDP Growth for Zim

Zimbabwe's economy is expected to grow by 6 percent this year on the back of a bumper harvest, increased energy production and resumption of greater manufacturing and construction activities, the International Monetary Fund (IMF) has said.

In a statement yesterday after a virtual staff visit led by Mr Dhaneshwar Ghura from June 1 to 15 to discuss recent economic developments and the economic outlook, the IMF team said Zimbabwe had demonstrated resilience in the face of Covid-19 and other shocks such as Cyclone Idai and a protracted drought.

"Despite the authorities' timely actions to support the most vulnerable groups and businesses during the pandemic, real GDP contracted by 4 percent in 2020, after a 6 percent decline in 2019. "However, an economic recovery is underway in 2021, with real GDP expected to grow by about 6 percent, reflecting a bumper agricultural output, increased energy production, and the resumption of greater manufacturing and construction activities," said Mr Ghura.

During the virtual visit, the IMF team met Government officials.

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