Accessibility links

Breaking News

IMF Sees 3.7% Growth in Zimbabwe in 2009, First GDP Expansion Since 1997

The International Monetary Fund has projected a 3.7% economic expansion in Zimbabwe this year following a 14.1% contraction in 2008 - the first output growth in 12 years.

The IMF said the Zimbabwean economy was likely to expand by some 6% in 2010. It warned however that inflation could pick up 12% in 2010 from an estimated 9% this year - though such rates are far from the billion-plus percent hyperinflation seen last year.

Finance Minister Tendai Biti told reporter Blessing Zulu of VOA's Studio 7 for Zimbabwe that the growth projections from the international financial institution indicate that Zimbabwe’s economy is on the path to recovery, but said much more needs to be done.

Bulawayo-based economist Eric Bloch told reporter Ntungamili Nkomo that the anticipated modest nominal growth rate signals better days to come for Zimbabwe, but like Biti he warned that the country has a long way to go to a full economic recovery.

More reports from VOA's Studio 7 for Zimbabwe...