Staff Reporter
Zimbabwe’s economic recovery continues to gain momentum, with the African Development Bank (AfDB) projecting a 5.3% growth rate for 2024. This latest forecast positions Zimbabwe as the second-fastest growing economy in Southern Africa further cementing confidence in the country’s progress.
According to the AfDB’s African Economic Performance Report, agriculture is expected to be the main driver of this growth, followed by mining, transport, distribution, construction, retail, and manufacturing. These sectors are set to spur economic activity, creating employment and investment opportunities.
While the AfDB’s forecast is slightly below the Government’s six percent projection, economic experts believe it still signals a positive trajectory for Zimbabwe.
University of Zimbabwe Business School Director, Professor Albert Makochekanwa, believes the AfDB’sassessment reflects the growing confidence in Zimbabwe’s economy.
“The AfDB report shows positive developments in the country’s macroeconomic growth trajectory. This comes at a time when the Government is focused on scaling up economic development. While challenges remain, the key is having the political will and economic discipline to achieve the set targets for the benefit of the nation,” he explained.
The Zimbabwe National Chamber of Commerce (ZNCC) President, Tapiwa Karoro, emphasized the need to consolidate current economic gains to maintain this upward trend.
“What is required now is strong collaboration between the Government and private sector to identify what needs to be done to sustain this growth. While positive signs are there, there are still grey areas that must be addressed to ensure long-term stability and progress,” he said.
The AfDB is the latest international financial institution to express confidence in Zimbabwe’s economic trajectory. Earlier this year, the International Monetary Fund (IMF) and the World Bank also released reports supporting the Government’s six percent growth target.
With agriculture and key industries driving expansion, Zimbabwe’s economic outlook remains promising. The challenge now lies in maintaining momentum, addressing structural weaknesses, and ensuring that the benefits of growth translate into improved livelihoods for citizens.
As Zimbabwe pushes forward with economic reforms, investment-friendly policies, and infrastructure development, the country’s position as a regional economic player continues to strengthen.
