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Oct
06
2020
By The African Mirror
Zimbabwe finance minister says COVID-19 won’t hit economy as hard as elsewhere

Zimbabwe finance minister says COVID-19 won’t hit economy as hard as elsewhere

BUSINESS
ZIMBABWE’S finance minister says the economy would not be as severely impacted by the COVID-19 pandemic as initially feared and foreign currency inflows had shown resilience. The southern African nation was already grappling with runaway inflation, shortages of drugs in hospitals and strikes by public workers before the novel coronavirus arrived in March. "I am more bullish again even during this COVID-19 moment, I think the economy will surprise us on the upside," Finance minister Mthuli Ncube said during an online media conference. "Our prognosis is that the impact of COVID-19 overall on Zimbabwe is not as deep as in…
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Jul
17
2020
By The African Mirror
Zimbabwe economy to shrink by 4.5%

Zimbabwe economy to shrink by 4.5%

BUSINESS
ZIMBABWE's economy is expected to shrink by 4.5% this year owing to the fallout from the COVID-19 pandemic and a brutal climate change-related drought, the finance minister said on Thursday. The crucial mining sector will contract by 4%, Finance Minister Mthuli Ncube added in a mid-term budget speech, although he projected that GDP would rebound to 7.4% growth in 2021. Ncube added that inflation was expected to gradually decline to 300% by December, compared with 737.36% currently. Zimbabwe's economy was in a mess even before COVID-19 struck, with rampant inflation, chronic shortages of food, foreign currency and medicines, all worsened…
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