Zimbabwe’s real gross domestic product is expected to grow 4.8 percent in 2023, supported by strong performance in mining as well as the beneficial impact of structural reforms in the agriculture and energy sectors, the International Monetary Fund (IMF) has said.
The growth, however, is expected to slow to 3.5 percent in 2024 due to weaker global demand for minerals and a weather-related slowdown in agriculture, the IMF said in a statement issued Wednesday night at the conclusion of its staff visit conducted between Oct. 18-25.
“As external conditions worsen, the economic outlook will even more crucially depend on progress toward macro-economic stabilization and transformational structural reforms,” said Wojciech Maliszewski, head of the IMF staff team.
According to the IMF, Zimbabwe’s economy grew 3 percent last year.
Maliszewski said Zimbabwe’s economy has continued its post-COVID recovery but strong reform efforts are required to enhance longer-term growth potential.
During the visit, the IMF team met with Finance, Economic Development and Investment Promotion Minister Mthuli Ncube, Reserve Bank of Zimbabwe Governor John Mangudya, representatives of the private sector, civil society and the country’s development partners, among other key stakeholders.
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