IMF lowers Zimbabwe's growth forecast after exports fall

by Reuters 1 views0

IMF lowers Zimbabwe's growth forecast after exports fall

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.