See the justification behind Zimbabwe’s projected GDP growth of 6% in 2023 rising from 3.8%.

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See the justification behind Zimbabwe's projected GDP growth of 6% in 2023 rising from 3.8%.See the justification behind Zimbabwe’s projected GDP growth of 6% in 2023 rising from 3.8%.

 

  • Due to excellent rains, the government anticipates harvesting 2.3 million tonnes of maize this year, a 58% increase from the previous season.
    The government wants to reduce unnecessary spending and keep the overall budget deficit at 1.5% of GDP, as it was projected in November, notwithstanding this year’s general election.According to Finance Minister Mthuli Ncube on Friday, Zimbabwe’s GDP may increase by 6% this year, above the previous forecast of 3.8% growth, as a result of increased access to electricity and strong agricultural performance.

     

    “We claim that the 3.8% growth is understated. According to Ncube, the growth should be bigger than that and close to 6%.

Due to excellent rainfall, the government predicted that it would harvest 2.3 million tonnes of maize this year, a 58% increase from the previous harvest.

This week, we focused mostly on recognizing the agricultural sector’s impressive rebound, which has seen 54% increase, at least in the grains sub-sector. The non-food sector is growing by 35%, the finance minister continued.

 

The minister claims that increasing output at the Hwange coal plant and the Kariba hydropower complex should boost the supply of electricity.

He downplayed the prospect of excessive government spending in light of this year’s general election and emphasized that the objective was still for the overall budget deficit to be 1.5% of GDP, the same as in previous years.

 

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