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Zimbabwe’s growth outlook up to 5.3 percent in 2023

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Despite the recent exchange rate fluctuations, Zimbabwe’s central bank governor, John Mangudya says the country’s domestic economic outlook remains robust, with projected growth for 2023 upgraded to 5.3 percent from the initial forecast of 3.8 percent.

“This growth is on account of better performance by agriculture, mining, ICT and tourism, supported by expected improvements in electricity generation in the second half of the year,” said Mangudya in the 2023 mid-term monetary policy statement.

The positive trend in foreign currency receipts continued through the first half of 2023. Total receipts increased to 5.595 billion U.S. dollars, compared to 5.405 billion dollars during the same period in 2022, said Mangudya.

He said that foreign currency inflows totaled 5.6 billion dollars in the first half of 2023. Foreign payments stood at 4.4 billion dollars, resulting in net foreign currency inflows of 1.2 billion.

He added that these factors, coupled with prudent monetary policies, underscore the resilience of the economy’s external and monetary foundations, which are expected to sustain favorable exchange rates and inflation dynamics in the short and medium term.

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