World Bank projects growth for Zimbabwe’s GDP after two-year collapse

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By Wisdom Deji-Folutile

The World Bank has projected a 3.9 per cent uptick in Gross Domestic Product growth in 2021, a significant improvement after a two-year depression.

The international institution commended the government’s economic revival framework, which poised the country to register economic growth this year despite the challenges posed by the COVID-19 pandemic.

Earlier, the African Development Bank had projected a 5.6 per cent economic growth this year, to be driven by a recovery in the agriculture, mining, and tourism sectors, together with increased public and private investments.

The endorsements for growth vindicates the Zimbabwean Government’s early optimism as the Finance and Economic Development Minister, Prof Mthuli Ncube, had in the 2021 budget estimated growth of 7.4 per cent.

This is the third economic update for Zimbabwe produced by the World Bank.

Economic updates are a standard World Bank tool for macroeconomic and fiscal monitoring.

ZEU noted that economic recovery was expected to strengthen further in 2022 with GDP growing at 5.1 per cent as the deployment of vaccines intensified and implementation of National Development Strategy 1 (2021-2025) bore fruits.

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