Zimbabwe’s economic growth is expected to slow to 3.5 percent in 2024 from 4.5 percent this year, the World Bank has said in its latest report.
Apparently, the Bank’s 2024 projection matches the Zimbabwean government’s forecasts which estimated 5.5% growth this year.
However, the World Bank cautions against expensive loans: with little external funding, the Reserve Bank of Zimbabwe is “relying on expensive loans from Afreximbank and the printing of money, which drives inflation.
According to the budget statement presented by Finance and Economic Development Minister Mthuli Ncube Zimbabwe got a US$400m loan from Afreximbank this year, at 10.2 percent.
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