Finance and Economic Development minister Mthuli Ncube says the country’s economic growth is projected to slow down to 3.6%, from the previously expected 5.2 percent.
He attributes this to the impact of the El Niño phenomenon, a threat to agriculture one of Zimbabwe’s major economic driver.
Speaking at the 2024 pre-Budget seminar, Ncube also said the economy will driven by agriculture and mining.
Comparatively, the World Bank has projected economic growth in sub-Saharan Africa to decelerate from 3.6% in 2022 to 2.5% in 2023.
Zimbabwe’s economy has not been performing well due to a number of factors including reduced exports and lack of value addition.
Zimbabwe primarily export materials in their raw state, which fetches less for the country as opposed to value added products.