Zimbabwe just scored a massive economic win that has government officials celebrating. The country's money experts bumped up their GDP numbers from a previous estimate of US$35.2 billion all the way to US$44.4 billion. Officials credit the jump to finding more businesses that were operating under the radar since 2019. ZIMSTAT conducted a major economic census that uncovered thousands of companies nobody knew existed. The discovery shows Zimbabwe's economy is much bigger and stronger than anyone realized.
Information Minister Jenfan Muswere announced the good news after a Cabinet meeting yesterday. He explained that the new figures also pushed up the Gross Net Income numbers from US$2,259 to US$2,859 for 2023. The government expects per capita income to cross the US$3,000 mark during 2025. These numbers put Zimbabwe firmly on track toward becoming an upper middle-income country. Economic growth appears to be picking up steam across multiple sectors.
Finance Minister Mthuli Ncube expressed confidence that Zimbabwe can reach upper middle-income status soon. He noted that countries need a GNI of US$4,500 to qualify for that economic ranking. The revised GDP figures will appear in the government's midterm review at the end of this month. Zimbabwe currently sits in the lower middle-income bracket but is climbing fast. The 2030 upper middle-income target looks more achievable than ever before.
Information Minister Jenfan Muswere announced the good news after a Cabinet meeting yesterday. He explained that the new figures also pushed up the Gross Net Income numbers from US$2,259 to US$2,859 for 2023. The government expects per capita income to cross the US$3,000 mark during 2025. These numbers put Zimbabwe firmly on track toward becoming an upper middle-income country. Economic growth appears to be picking up steam across multiple sectors.
Finance Minister Mthuli Ncube expressed confidence that Zimbabwe can reach upper middle-income status soon. He noted that countries need a GNI of US$4,500 to qualify for that economic ranking. The revised GDP figures will appear in the government's midterm review at the end of this month. Zimbabwe currently sits in the lower middle-income bracket but is climbing fast. The 2030 upper middle-income target looks more achievable than ever before.
