IMF lowers Zimbabwe's growth forecast after exports fall

by Reuters 0

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.