- Maize production is expected to increase by 58 percent to an estimated 2,298,281 metric tonnes
- The estimated total cereal production of 2,579,247 tonnes is more than the required 1,837,742
- Zimbabwe's economic growth forecast has received a significant upgrade of 2.2
Harare-Zimbabwe's economic growth forecast has received a significant upgrade of 2.2 percentage points, thanks to a positive showing in the agricultural sector. The country's GDP growth is now expected to reach 6 percent, up from the previous projection of 3.8 percent.
The increase in maize and traditional grain production are the primary factors behind the anticipated growth.
Maize production is expected to increase by 58 percent to an estimated 2,298,281 metric tonnes, while traditional grain production is set to grow by 45 percent to 280,966 tonnes. Sorghum, pearl millet, and finger millet productions are also expected to increase by 32 percent, 61 percent, and 250 percent, respectively.
The estimated total cereal production of 2,579,247 tonnes is more than the required 1,837,742 tonnes for human consumption and 450,000 tonnes for livestock. The positive projections are in contrast to the recent forecasts by the International Monetary Fund (IMF), which predicts Zimbabwe's economy to have the lowest growth rate among southern African countries in 2023.
The IMF's World Economic Outlook report places Zimbabwe's GDP growth rate at 2.5 percent in 2023, below its neighbouring countries such as Zambia, Mozambique, and Botswana.
However, a survey conducted by the Zimbabwe National Statistics Agency (ZimStat) showed that the business community is optimistic about the economic prospects for the first six months of 2023, with over 50 percent of respondents expecting the business situation to improve in all sectors except Wholesale and Retail trade. The Zimbabwean government's positivity mirrors the positive outlook seen in the agricultural sector
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