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An International Monetary Fund (IMF) staff team led by Dhaneshwar Ghura was on a visit to Harare recently to discuss recent economic developments and the economic outlook.
An International Monetary Fund (IMF) staff team led by Dhaneshwar Ghura was on a visit to Harare recently to discuss recent economic developments and the economic outlook.
At the conclusion of the mission visit, the IMF representative said that Zimbabwe’s economy has shown resilience against all odds the country has been facing. The country is upfront with economic woes on account of Russia’s war in Ukraine. Poor rainfall and price pressures are adversely affecting the economic and social conditions in Zimbabwe. The country was already battered by the COVID-19 pandemic.
Renewed price and exchange rate depreciation pressures emerged, particularly in the second quarter of 2022. The inflation in August reached 285 percent over a year earlier. After rising to about 7 percent in 2021, real GDP growth is expected to decline to about 3½ percent in 2022.
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Agricultural and energy outputs are declining owing to erratic rains and rising macroeconomic instability. However, sectors like mining and tourism are registering a recovery. Uncertainty remains high. The outlook will depend on the evolution of external shocks, the policy stance, and the implementation of inclusive growth-friendly policies.
