IMF lowers Zimbabwe's growth forecast after exports fall - CNBC Africa

IMF lowers Zimbabwe's growth forecast after exports fall

Southern Africa

by Reuters 0

IMF sees more woes for Mugabe's Zimbabwe. PHOTO: Wikipedia

The International Monetary Fund (IMF) on Wednesday lowered Zimbabwe's growth forecast for this year to 1.5 percent from 2.8 percent, blaming lower commodity exports.

"We expect a slowdown in economic activity as a result of drought as well as low prices for Zimbabwe's exports," the IMF head of mission Domenico Fanizza said.

Zimbabwe has been struggling for five years to recover from a catastrophic recession that was marked by billion percent hyperinflation and widespread food shortages, and some analysts say Zimbabwe could tip back into a downturn this year.

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