Harare, Oct 28. (Xinhua/GNA) – Zimbabwe has slashed its growth forecast for 2027 to 3.5 per cent from an initial 5 per cent, citing the impact of an El Nino-induced drought expected in the 2026/2027 summer cropping season.
Addressing the 2027 pre-budget seminar in the country’s second-largest city of Bulawayo on Wednesday, Mthuli Ncube, Finance Minister said growth is expected to moderate from a high of 8.3 per cent in 2025 and 5 per cent in 2026.
“In 2027, growth is expected to moderate further to 3.5 per cent, reflecting the anticipated impact of climatic risks and a more challenging external environment,” he said.
The 3.5 per cent projection is based on assumptions including entrenched macroeconomic stability, strong mineral export performance, continued implementation of ease-of-doing-business reforms and an easing of geopolitical tensions that is expected to support higher global economic growth, Ncube noted.
Despite the lower growth projection for next year, Zimbabwe remained focused on sustaining the foundations for long-term growth and ensuring economic progress yielded tangible benefits for its people, Ncube added.
GNA