Zimbabwe economy shows signs of recovery

After three years of reforms implemented by the government, Finance Minister Mthuli Ncube said.

Zimbabwe’s economy is beginning to show signs of recovering after three years of reforms implemented by the government, Finance Minister Mthuli Ncube said.

“Looking at the state of the Zimbabwean economy of late, the signs are now clear that the worst is behind us,” Ncube said in an opinion piece published Friday in the state-owned Herald newspaper.

Ncube cited the rollout last month of a vaccination program and fiscal prudence that resulted in a budget surplus of more than Z$6 billion ($71 million) as early indicators of success. The country also has a balance-of-payments surplus, while the supply of locally manufactured goods has grown to 45% on supermarket shelves, from 5% in 2017.

Inflation is slowing, with the annual rate declining to 322% in February from 363% in January.

“While these numbers are of course still too high, they are a far cry from the hyperinflation predicted by the ‘experts’ not so long ago,” Ncube said. “Things are going in the right direction, inflation is slowing rapidly.”

This article originally appeared in Bloomberg

Photo: Bloomberg