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Economy to contract 3,1%

by Staff reporter
07 Jun 2019 at 07:17hrs | Views
The country's economy is expected to contract 3,1 percent this year as activities remain subdued due to rising inflation and crippling foreign currency shortages, according to the World Bank.

The world's multilateral lending institution in its semi-annual Global Economic Prospects report released this week, also alluded that the devastating tropical Cyclone Idai that swept across Manicaland and Masvingo provinces dented growth prospects.

However, the international bank projects a dramatic economic rebound, reaching 3,5 percent in 2020 and 4,9 in 2021 on the back of improved political and economic reforms that are likely to usher in stability.

Source - Business Weekly