Finance and Economic Development Minister, Cde Patrick Chinamasa says the country is set to revise upwards the 2017 growth rate to 3.7 percent from the initial budget forecast of 1.7 percent on the back of envisaged strong performance of the agriculture sector.
Two months into the year, Treasury is convinced the country’s real gross domestic product (GDP) growth rate is to be more than the initial projection.
Finance Minister Cde Patrick Chinamasa says the overall 2017 economic growth rate is set to be adjusted to an optimistic 3.7 percent.
The Treasury boss told students of the joint command and staff course no. 30 that the envisaged growth is set to be underpinned by the strong agriculture sector performance with at least three million metric tonnes of grain expected during the current season.
Treasury which has committed itself to purchase grain at US$390 per tonne is also bullish of improved earnings from the forthcoming 2017 marketing season which begins next week.
The 3.7 percent revised projection is in line with the World Bank projection of 3.8 percent for Zimbabwe.
According to Cde Chinamasa, sanctions and the huge external debt at US$7.5 billion remain the biggest threats to the envisaged growth and increased economic activities.
The pro-production policies, efforts to reduce illicit outflows, ease of doing business drive and ongoing engagement with creditors are some of the strategies being pursued to stimulate growth.