Zimbabwe Expects To Double GDP By 2030, Stabilize Macroeconomic Situation - Minister

Zimbabwe expects its GDP to double from current levels by 2030 and is making efforts to stabilize its macroeconomic situation to attract more investors, Zimbabwean Finance and Economic Development Minister Mthuli Ncube said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 16th January, 2019) Zimbabwe expects its GDP to double from current levels by 2030 and is making efforts to stabilize its macroeconomic situation to attract more investors, Zimbabwean Finance and Economic Development Minister Mthuli Ncube said on Wednesday.

"You will not, therefore, be surprised to see Zimbabwe's GDP doubling between now and 2030 it is still a $25 billion economy, and we will double it inflation coming down to very low, single-digit [figures], and debt levels also coming down very substantially," Ncube said during the Russia-Zimbabwe business Forum in Moscow.

The country's authorities are also working to make the country more attractive to foreign investors, he explained.

"We are sorting out the macroeconomic environment making sure that the fiscal picture looks very good, lowering the budget deficit, reducing inflation, stabilizing the monetary sector and most of all re-engaging with the international community so we can clear all our debt arrears so we can lower Zimbabwe's risk," Ncube said.

Since the early 2000s, Zimbabwe has been under sanctions imposed by the United States and the European Union over violations of human rights and democratic norms under the presidency of former leader Robert Mugabe. The restrictions had resulted in a collapse of foreign loans and investments in the African nation's economy. The prolonged economic crisis force the government to authorize the use of the US Dollar and other currencies instead of its national Currency.