Zimbabwe's Economy To Grow By 7.4% In 2021: Minister
Umer Jamshaid Published October 16, 2020 | 08:12 PM
Zimbabwe's finance minister on Friday said the country's economy, battered by drought and the Covid-19 pandemic this year, would recover in 2021
Harare, (APP - UrduPoint / Pakistan Point News - 16th Oct, 2020 ) :Zimbabwe's finance minister on Friday said the country's economy, battered by drought and the Covid-19 pandemic this year, would recover in 2021.
Presenting the 2021 pre-budget strategy paper in the capital, minister Mthuli Ncube said the economy was "confronted with climatic, macroeconomic and Covid-19 shocks" and is projected to contract by 4.5% in 2020.
"From 2021, as with other global economies, the economy is expected to be out of the woods with a growth projection of 7.4%, riding on expected improvement in the climatic and investment conditions and planned strategies and programmes.
" Ncube said he expected 11.3 percent growth in agriculture and 11 percent in mining would spur GDP growth for next year.
He said annual inflation which currently stands at 659 percent from a peak of 837 in July would end the year at 134 percent.
Zimbabwe's economy has been on a downturn for over a decade characterized by scarcity of foreign Currency.
President Emmerson Mnangagwa, who took over from long-time ruler Robert Mugabe following a coup in 2017, pledged to revive the country's moribund economy and mend ties with its former trading partners in the west.
But economic woes which plagued Mugabe's rule have persisted.
Recent Stories
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
More Stories From World
-
Migrant boat capsizes off Djibouti leaving 21 dead
4 hours ago -
Tesla profits tumble 55% as EV sales under pressure
4 hours ago -
Talks on global plastic treaty begin in Canada
4 hours ago -
Migrant deportations loom after parliament passes UK-Rwanda plan
5 hours ago -
Macron in last-ditch bid to halt EU vote battering
5 hours ago -
Ukraine moves to bring military-aged men home to fight
6 hours ago
-
Asia hit hardest by climate change, extreme weather: UN weather agency
6 hours ago -
Muscles and masterpieces: Louvre offers Olympic sport sessions
6 hours ago -
Migrant boat capsizes off Djibouti leaving 16 dead
6 hours ago -
UK Rwanda law sparks fear among migrants hoping to cross Channel
8 hours ago -
China issues highest-level rainstorm warning after deadly floods
8 hours ago -
UK's Sunak announces raised defence spending, new Ukraine aid
9 hours ago