Story by Stanley James, Business Editor
THE African Export and Import Bank (Afreximbank) has projected Zimbabwe’s annual growth rate at 3.8 percent, ranking the country among the fastest-growing regional economies in 2025.
In its African Trade and Economic Outlook report released this week, Afreximbank attributes the projected growth to a favourable agricultural season, expansion in mining activities and stable economic conditions
It notes that despite global shocks affecting several countries, a rebound in farming output, more mining projects, stable economic conditions and increased export receipts will spur growth for Zimbabwe’s economy.
The development financier also ranks Zimbabwe among the top 25 economies benefitting from intra-African trade.
Commenting on the latest report, University of Zimbabwe Business School Director, Professor Albert Makochekanwa said the latest sentiments by Afreximbank reflect endorsement by multilateral banks on Zimbabwe’s fiscal and monetary policy reforms.
“The report shows commitment and dedication by the authorities in setting the growth tone for Zimbabwe. It is coming at a time when rains have also added a positive impetus to the growth forecast. What remains to be seen is how the authorities will walk the tone in setting the pace for growth, including coming up with a cocktail of measures to consolidate growth, taking into account measures or policies being instituted to foster growth,” Professor Makochekanwa said.
“Findings from their report are welcome as they serve to show that the initial forecast at six percent is in tandem with global lenders or banks. What needs to be done is to focus on consolidating gains, safeguarding the economy from internal and external shocks, walking the talk on stability and focusing on increased production. Otherwise, when institutions like Afreximbank come up with their findings, it becomes prudent to get such insights in shaping the entire growth trajectory.”
Afreximbank has joined the International Monetary Fund, World Bank and the African Development Bank in predicting a rebound and growth of Zimbabwe’s economy.
Treasury, which is expecting a six percent growth has however hinted on a growth forecast review based on the performance of economic sectors during the first quarter.
