This past week Zimbabwe’s Finance Minister Mthuli Ncube said that the country’s economic growth is expected to fall to 3.5% in 2024, primarily due to an anticipated drought caused by El Nino.
El Nino, a climate phenomenon in which waters cause changes in global weather patterns, is expected to impact crop yields during the country’s next farming season.
Zimbabwe’s budget deficit is expected to end the year at 1.2% of GDP, with inflation to fall to 10%-20% in the year ahead.
These challenges aside, Zimbabwe’s Ambassador to Australia, Joe Tapera Mhishi, spoke this week about improvements occurring in the country.
“Since it’s independence Zimbabwe has never been known as an exporter of wheat. As I am talking now, the information on the ground is that only Zimbabwe and Ethiopa has a wheat surplus on the African continent,” said the Ambassador.
“Also, Zimbabwe is in it’s third consecutive year of mais surplus.”
Mhishi spoke at the Horasis India Meeting, which was co-hosted by the Government of South Australia and the Confederation of Indian Industry (CII).
Founded by Dr. Frank Jürgen-Richter in 2005, Horasis has become a leading forum for discussion and knowledge sharing between developed and emerging markets.
Over 300 attendees were present at this year’s event in Adelaide.
Featured photo of Joe Tapera Mhishi, Zimbabwe’s Ambassador to Australia
This article includes a partner of an Espacio portfolio company
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