The southern African nation is experiencing its worst economic crisis in a decade, compounded by shortages of foreign exchange, fuel and power as well as a drought last year that has left half the population in need of food aid.
Ncube told reporters in the capital that he felt the government undervalued the contribution of the informal sector to the economy. Less than 20% of the working population hold formal jobs.
Ncube said in November the economy, which contracted by 6.5% in 2019, would this year rebound as from agriculture and mining output improved. But many economic analysts expect the economy to worsen.
“We have our own projection of 3%, so you can see that generally there is a feeling that this will be a better year. So we are sticking to our 3% rate of growth,” Ncube said in comments broadcast by a local radio station after a meeting with Chinese officials.
“There is always more activity in the economy than we think.”
The United Nations has warned that Zimbabwe faced another poor harvest this year because of patchy rains.
Ncube has said the government will spend $133 million this year on subsidies for maize meal to keep the price of the most consumed food affordable.- TR
(49 VIEWS)
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…