Finance minister Mthuli Ncube lauds growth in three successive years

By Xinhua

HARARE: Zimbabwean Finance Minister Mthuli Ncube on Tuesday hailed the government’s policies which he said have resulted in three successive years of economic growth.

Noting that this was unprecedented, the minister said the Zimbabwean government, through its economic blueprint, the National Development Strategy 1 (2021-2025), has made significant strides in stabilizing the economy, the exchange rate, and prices of goods and services.

He expressed satisfaction with the performance of the economy over the last two years, noting that in 2021 it grew by 8.5 percent, one of the highest rates in southern Africa, state news agency New Ziana quoted him as saying on Tuesday.

“In 2022, the growth rate was 6.5 percent, again one of the highest growth rates in the region. This year, we expect a growth rate of 6 percent. This has never happened to have three successive years of economic growth. It is unusual. It shows that our policies are working, and the economy is growing,” he said.

Through its economic recovery plan, the Zimbabwean government is targeting annual average economic growth of 5 percent between 2021 and 2025.

While the Zimbabwean government’s growth figures are higher than those of the International Monetary Fund, figures from both sides, nevertheless, show a positive trajectory for the Zimbabwean economy.

The IMF upheld Zimbabwe’s growth at 8.5 percent in 2021 but estimated it to have slowed to 3.0 percent in 2022 and is forecasting a 2.5 percent growth this year.