Zimbabwe’s economic growth is expected to decline this year due to the worst drought in 40 years affecting southern Africa, according to the International Monetary Fund (IMF).
Following a recent staff mission to Zimbabwe, IMF officials projected the country’s economy would grow by 2% in 2024, down from 5.3% last year.
In contrast, the Zimbabwean government forecasts a higher growth rate of 3.5% for 2024.
Despite the economic challenges, the IMF believes growth will slow due to the drought but is optimistic about a recovery in 2025.
“Growth is expected to recover strongly in 2025 to about 6 percent, supported by a rebound in agriculture and ongoing capital projects in manufacturing,” the IMF stated.
The drought, exacerbated by the El Niño climate phenomenon, has severely impacted crop yields and disrupted water and electricity supplies across southern Africa.
Zimbabwe’s government has forecasted a 72% drop in staple maize production for the 2023/24 season due to these conditions.
