World Economy

Zimbabwe Trims 2016 Growth Forecast

Zimbabwe Trims 2016 Growth ForecastZimbabwe Trims 2016 Growth Forecast

Zimbabwe’s economy is now expected to grow 1.2% in 2016, from the 1.4% forecast earlier in the year, Finance Minister Patrick Chinamasa said in his mid-year budget speech, TVC reported. Chinamasa also told parliament that the budget deficit had already overshot the target in the first half of the year at $623 million, and that the shortfall for the whole year could rise above $1 billion. Similarly, the government is now expecting slightly lower revenue of $3.76 billion for 2016 from an earlier target of $3.85 billion.  He also said platinum output had risen to 7,968 kg in the first half of 2016, compared with 4,919 kg during the same period last year. Meanwhile, Zimbabwe has called on Chinese and international investors to invest in the country as it is undertaking ease-of-doing-business reforms to make the country attractive to foreign investment, a senior official has said. Vice President Phelekezela Mphoko made the remarks at the ongoing 19th China International Fair for Investment and Trade, which opened Thursday in Xiamen City, southeast China’s Fujian Province.