Zimbabwe targets small deficits, falling inflation in budget speech

Zimbabwe is anticipating a reduction in inflation and a sharp decline in inflation in the coming years, Finance Minister Mthuli Ncube said on Thursday.

Speaking on finance in parliament, Ncube said his target was a decrease of 1.5% of GDP in 2022 and 1.7% of GDP in 2023, compared to a decrease of 0.5% of GDP this year.

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The average annual decline is expected to drop from 94.6% in 2021 to 32.6% next year, the forecast showed.

President Emmerson Mnangagwa has struggled to revive Zimbabwe’s economy since ousting his former adviser Robert Mugabe in a November 2017 ruling.

Although government officials have changed some of Mugabe’s economic policies, millions of people are still living in poverty and migration, including the illicit financial market, hampering business.

Mnangagwa has so far failed to take steps to improve relations with Western governments, which continue to accuse his government of violating human rights and harassing dissidents.

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