Zimbabwe’s economy to grow 2,5pct: IMF

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THE International Monetary Fund (IMF) has cut its 2023 growth forecasts for Zimbabwe to 2,5 percent from an earlier projection of 2,8 percent, amid rolling power cuts, currency volatility and high borrowing costs.
The new projection is in line with that of the African Development Bank, which expects growth to average 2,9 percent, but lower than the World Bank’s forecast of 3,6 percent and the government’s forecast of 3,8 percent.

Zimbabwe’s economic indicators — including rising inflation, low investment levels, worsening power shortages and local currency volatility — all indicate a gloomy outlook.
The IMF said growth will average 2,6 percent in 2024. The Bretton Woods institution said Zimbabwe’s annual inflation will average 172,2 percent this year before slowing to 134,6 percent in 2024.