HARARE, Nov. 1 (Xinhua) -- Zimbabwe's economy will slow to 3.5 percent next year due to expected impact of the climate, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said on Wednesday.
The declining international commodity prices, continuation of the multi-currency regime and tight fiscal and monetary policies are also expected to weigh on the economy next year, Ncube said in a 2024 pre-budget speech.
His forecast for 2024 is within range of forecast for the country by the International Monetary Fund, which last week projected Zimbabwe's real gross domestic product to grow by 4.8 percent in 2023 before slowing to 3.5 percent next year due to weaker global demand for minerals and a weather-related impact in agriculture.
Zimbabwe is forecasted to receive normal to below-normal rainfall in the coming agricultural season, which will negatively impact its agricultural output, the economy's mainstay. ■