File photo: A woman fetches drinking water from an unprotected well, as Zimbabwe is experiencing an El Nino-induced drought, resulting in malnutrition among children under the age of five, pregnant and lactating women, and adolescents, in Kotwa in Mudzi district, Zimbabwe July 2, 2024. REUTERS/Philimon Bulawayo/File photo Purchase Licensing Rights, opens new tab
Finance Minister Mthuli Ncube said economic growth is forecast at 2% for 2024, down from 3.5% forecast in November, due to an El Niño-induced drought which has led to widespread crop failure.
Advertisement · Scroll to continue
El Niño is a natural climate phenomenon in which surface waters of the central and eastern Pacific become unusually warm, causing changes in global weather patterns.
Zimbabwe is among the hardest hit by drought in the region, impacting crop yields. Neighbours Zambia and Malawi have declared states of disaster as a result of the drought.
Last month, the International Monetary Fund also said it expected Zimbabwe’s growth to fall to 2%, down from 5.3% last year.
“We are all downgrading our growth targets for 2024 because of deeper than expected impact on our agriculture, but next year is brighter,” Ncube said.
Growth is expected to recover to above 5% in 2025, he added.
In May, the Zimbabwean government forecasted that staple maize production will drop 72% in the 2023/24 season.
Ncube said the drought had affected agriculture output and the country expects to import 1.4 million metric tonnes of grain.
The peacekeepers have been in Congo for 25 years to quell insecurity caused by armed groups fighting over territory and resources.
To ease hunger across the country, Zimbabwe received around $32 million drought insurance last week from an African Union agency. Government has also appealed to international donors to assist with food aid.
Ncube will give the mid-term budget review later this month.
Reporting by Nyasha Chingono, Editing by Tannur Anders and Angus MacSwan