{"id":56428,"date":"2022-03-24T20:59:53","date_gmt":"2022-03-24T18:59:53","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=56428"},"modified":"2022-03-24T19:03:05","modified_gmt":"2022-03-24T17:03:05","slug":"zimbabwes-economy-grew-6-3-in-2021-new-imf-report-says","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwes-economy-grew-6-3-in-2021-new-imf-report-says","title":{"rendered":"Zimbabwe\u2019s Economy Grew 6.3% In 2021, New IMF Report Says"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The International Monetary Fund (IMF) says Zimbabwe\u2019s economy grew 6.3% in 2021 on the back of a bumper maize harvest, strong performance in mining, and buoyant construction.<\/p>\n

Last year, the IMF had projected GDP growth at 5.1%, but on Thursday the Fund said that recovery had been faster than expected.<\/p>\n

Zimbabwe\u2019s economy contracted by 11.7 per cent between 2019 and 2020 due to Cyclone Idai, drought, and the COVID-19 pandemic as well policy missteps in 2019, according to the IMF.<\/p>\n

In a statement after its latest routine Article IV consultation with Zimbabwe, the IMF executive board said:<\/p>\n

Real GDP rose by 6.3% in 2021 reflecting a bumper maize harvest, strong pickup in mining, and buoyant construction.<\/p>\n

A tighter policy stance since mid-2020 (relative to 2019) has contributed to lowering inflation to 60.7 per cent (y\/y) at the end-2021.<\/p>\n

Fiscal policy was tightened in 2020\u201121, reflecting increased revenues and lowered spending.<\/p>\n

The current account balance turned into a surplus during 2019-21, reflecting favourable metal prices, lower imports, and a surge in remittances.<\/p>\n

The IMF however, noted that inflation has remained in double digits and wide parallel foreign exchange market premia have continued.<\/p>\n

The fund also observed that poverty has risen and about a third of the population is at risk of food insecurity.<\/p>\n

Zimbabwe\u2019s economic recovery is expected to continue in 2022, with growth projected at about 3.5 per cent and 3 per cent over the medium term.<\/p>\n

The IMF commended Zimbabwe for its response to the COVID-19 pandemic when it first emerged in 2019, saying this helped to reduce the impact of the pandemic. The IMF said:<\/p>\n

The authorities\u2019 swift response to the pandemic, including through containment measures and economic and social support, helped contain its adverse impact.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The International Monetary Fund (IMF) says Zimbabwe\u2019s economy grew 6.3% in 2021 on the back of a bumper maize harvest, strong performance in mining, and buoyant construction. Last year, the IMF had projected GDP growth at 5.1%, but on Thursday the Fund said that recovery had been faster than expected. Zimbabwe\u2019s economy […]<\/p>\n","protected":false},"author":84,"featured_media":56427,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,672,945,19],"class_list":{"0":"post-56428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-imf","14":"tag-international-monetary-fund","15":"tag-zimbabwe"},"yoast_head":"\nZimbabwe\u2019s Economy Grew 6.3% In 2021, New IMF Report Says - zimbabwe<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) says Zimbabwe\u2019s economy grew 6.3% in 2021 on the back of a bumper maize harvest, s ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-economy-grew-6-3-in-2021-new-imf-report-says\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe\u2019s Economy Grew 6.3% In 2021, New IMF Report Says\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) says Zimbabwe\u2019s economy grew 6.3% in 2021 on the back of a bumper maize harvest, s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-economy-grew-6-3-in-2021-new-imf-report-says\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-24T18:59:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-24T17:03:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/03\/img-623ca424812c2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-economy-grew-6-3-in-2021-new-imf-report-says\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-economy-grew-6-3-in-2021-new-imf-report-says\",\"name\":\"Zimbabwe\u2019s Economy Grew 6.3% In 2021, New IMF Report Says - 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