ZB sees strong uptick in Zim economy in 2023

ZB Financial Holdings (ZBFH) is confident Zimbabwe’s economy will expand in 2023 driven by expected strong growth in agriculture, mining, construction and diaspora remittances.

This is in line with Finance and Economic Development Minister Professor Mthuli Ncube’s forecast last year that Zimbabwe’s economy could grow by 6 percent this year, better than the previous forecast of 3,8 percent, thanks to a strong performance by agriculture and easing power shortages.

Commenting on the group’s full-year results for the year to December 31, 2023, ZBFH chairman Pamela Chiromo, said the growth was partly due to the good rains received during the 2022/23 summer cropping season.

Prof Mthuli Ncube

The forecast growth tallies findings in the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development Ministry’s first round of Crop, Livestock and Fisheries Assessment (CLAFA 1).

The report says most northern areas in the country received good rainfall, which enhanced crop conditions and improved production prospects.

Crop conditions in the northern and traditionally surplus-producing areas during the season fared better owing to favourable rainfall up to the second half of the 2022/23 season.

This resulted in a three percent increase in the maize crop planted area to 1 962 575 hectares from 1 903 668 in the 2021/22 season.-chronicle