Categories: Stories

More people believe Biti than IMF

More people believe Finance Minister Tendai Biti’s forecast that the Zimbabwean economy will grow by more than 9.3 percent this year than the International Monetary Fund’s prediction that the economy will slow down to 5.5 percent.

In an internet survey by The Insider in which people were asked- “The International Monetary Fund says Zimbabwe’s economic growth with decline to 5.5 percent this year. Finance Minister Tendai Biti says it will exceed 9.3 percent. Who do you believe?” – 52 percent said they believed Biti.

Only 12 percent believed the IMF while 36 percent said they did not believe both Biti and the IMF.

The IMF said last month Zimbabwe’s growth was likely to decelerate from 9 percent last year to 5.5 percent because of an inefficient composition of expenditure, rising vulnerabilities in the financial system, and the recent announcement of the fast-track indigenisation of the mining sector.

It said addressing these policy challenges in a timely manner could result in better growth outcomes for 2011 but the key downside risks included possible political instability and a fall in commodity prices.

Biti on the other hand predicted that the economy would grow by the more than expected 9.3 percent. “I genuinely believe the growth rate could be higher, mainly because of the strong performance of international commodity prices. The food crisis is helping us as we are in a surplus position in grains,” he said.

Zimbabwe has recorded positive growth since the formation of the inclusive government in 2009 when it grew by 6 percent after almost a decade of decline.

(16 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024