The International Monetary Fund (IMF) has projected Zimbabwe’s economy to grow by 3.2 percent in 2024.

This is close to the Ministry of Finance and Investment Promotion’s 3.5 percent forecast.

Zimbabwe saw a 5.3% growth in 2023 and 6.5% in 2022, slower growth looms for 2024 due to drought and lower commodity prices.

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube (pictured) said the declining international commodity prices, continuation of the multi-currency regime and tight fiscal and monetary policies are also expected to weigh on the economy this year.

Ncube said this in his 2024 pre-budget speech.

Zimbabwe was forecasted to receive normal to below-normal rainfall in this agricultural season, which negatively impacted its agricultural output, the economy’s mainstay.

According to the African Development Bank (AfDB)’s latest Macroeconomic Performance and Outlook (MEO) report on the continent, the region will account for eleven of the world’s 20 fastest-growing economies in 2024.

Up to 41 countries across the continent will in 2024, achieve an economic growth rate of 3,8 percent, and in 13 of them, growth will be more than 1 percentage point higher than in 2023.