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World Bank Revises Zim Economic Growth up to 3,5pc

Zimbabwe’s economic growth projections for 2023 and 2024 have been revised upwards by the World Bank in the Global Economic Prospects report published last week.
“Zimbabwe’s Gross Domestic Product {GDP} for local economy will grow by 3,5 percent in 2024 from 3,4 percent in June last year”, said the Bretton Woods Institution.
In 2024 National Budget released last year November by the Finance Minister Professor Mthuli Ncube showed that economic growth is expected to slow down to 3,5 percent owing to the anticipated impact of the El Nino phenomenon being forecasted in 2023/2024 cropping season on agricultural output as well as decline in mineral prices contributes to the global economic slowdown.
World Bank said, “The Zimbabwe economy is ready for growth, the global economy is on course to record its worst half decade of growth in 30 years”.
The report states that global growth forecast to slow for the third year in a row in 2024, dipping to 2,4 percent from 2,6 percent in 2023. Growth is expected to rise marginally to 2,7 percent in 2025, though acceleration over the five-year period will remain almost three-quarters of a percentage point below the average rate of the 2010s.
The International Monetary Fund (IMF) predicts a soft landing scenario in 2024 for the global economy. IMF Spokesperson Julie Kozack said; “We have had a relatively resilient global economy so far. We expect that resilience to continue into 2024”.
She warned that leaders should be preparing for future shocks and challenges. They do have work to lift global growth, especially over the medium term.

Shumirai Nyamadzawo

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