Zim Economy Growth Forecast Revised Upwards

Speaking at the Masvingo Civic Centre hall at the 2011 national budget stakeholders consultation meeting yesterday, Biti, who is the Movement for Democratic Change (MDC-T) secretary general, said there has been an upward trend in economic growth in the second quarter of the year.

“We expect the economy to grow by seven percent, from five percent in July 2010. There has been a second term revival of the economy under the three Rs-Revival, Regeneration and Refocus.

“In the second half of the budgetary period, there has been an increase in annual inflation, which shot to six percent, as well as the month on month inflation, which shot to 0, 3 percent.

“But in the last three months, month on month inflation dropped to 0,1 percent, and we also target to drop annual inflation to four percent,” said Biti.

He said the Gross Domestic Product-a measure of the country’s economic performance improved due to strong performance in Agriculture, in particular tobacco, cotton and the staple maize crop.

“The GDP improved because of a strong performance in Agriculture, especially tobacco. We saw farmers being forthcoming with their product because of the attractive prices pegged for the crop. We expect to get $130 million

“There has also been an increase in maize production. Last year the Grain Marketing Board imported maize, but by now, we have produced a total of what we imported last year. Cotton production also increased.

“We also expect the horticulture industry to increase by 43 percent,” Biti said.