5.3% economic growth expected in 2023

Charity Chikara & Teseletso Matjaka

08.08.23

The Monetary Policy Committe (MPZ) of the Reserve Bank Of Zimbabwe recently reported that the country was expecting a total of 5.3% economic growth following various measures taken by the government to firm the local currency.

In a statement based on resolutions of the Monetary Committe Meeting held last week the Reserve Bank of Zimbabwe noted that the month-on-month inflation that had peaked up to 74.5% in June 2023 fell to a minus 15.3% by end of July 2023 while annual inflation fell from 175.8% in June 2023 to 101.3% in July 2023 with expectations of a continuous decline up to December 2023.

In light of the positive inflation and exchange rate developments, the MPC said economic fundamentals were strong enough to sustain the current stability highlighting that the expected 5.3% economic growth was a favourable balance of payments position and fiscal sustainability.

The Minister of Finance and Economic Development Hon. Mthuli Ncube recently highlighted that despite the unrest the nation has seen, the economy has been doing remarkably well evidenced by achieving tremendous growth rates.

He added that from a financial and monetary standpoint, the country is reducing liquidity citing that his ministry would continue firmly dealing with speculators.