Browsing: Economic Recovery In Zimbabwe

Zimbabwe’s economy projected growth revised downwards

Countries July 30, 2022

The economy is now projected to grow by 4.6% during 2022, a downward revision from the original 5.5% projection
Reserve money stock has increased to ZW$33.6 billion as of June 30, 2022.
Merchandise exports and imports increased by 33% and 15% to US$3 516.5 million and US$3 746.8 million. Exports are expected to reach US$7.3 billion
The country is doing well in terms of budget transparency and is now ranked third in Africa, after South Africa and Benin.

Zimbabwe’s Finance and Economic Development Minister, Mthuli Ncube, presented the 2022 supplementary budget on Thursday amid skyrocketing inflation that has since eroded this year’s national budget.

This is the first time that Minister Ncube has presented a supplementary budget since he was appointed Finance Minister by President Emmerson Mnangagwa in 2018.

The economy is now projected to grow by 4.6% during 2022, a downward revision from the original 5.5% projection, and follows …

Zimbabwe Optimistic of Economic Recovery: Growth or Desperate Optimism

Africa December 28, 2020

Zimbabwe’s Finance Minister Mthuli Ncube delivered an optimistic 2021 $426 billion worth national budget. The upcoming year’s budget under the theme: Building Resilience and Sustainable Economic Recovery, is meant to be a gateway for an economic revival in the struggling country.

The budget allocated a sizable proportion of the funds towards the health and education sectors.

Key Budget Highlights

Budget size $421.6 billion
Revenue collection projected at $390.8 billion
Public debt $1.9 million
The economy is expected to grow 7.4% in 2021 following a consecutive decline in the past two years.
Year on year inflation is projected to end the year 2021 at 9%
Upward review of tax-free threshold on salaries and 2% transaction levy and bonus.
Foreign currency-denominated corporate tax payments.
Tightening of Informal sector tax (Presumptive tax) collections.