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*Zim's Economic Slump Attributed To El Nino & Cyclone Idai* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?gg The International Monetary Fund (IMF) has forecasted that the country’s economy would enter into a recession in 2019. The IMF previously forecasted Zimbabwe’s economy to grow by as much as 4,2 per cent, but its latest report indicates that it will shrink by as much as 5,2 per cent. ---------- Latest itel S24 available on Pindula: 128GB storage, 4GB RAM $119 USD WhatsApp: +263715068543 Calls: 0772464000 Buy Online: https://www.pindula.co.zw/market/itel-s24-128gb-22-20240426142756795795/?s=wanews ---------- An economic recession or slump is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. Labour and Economic Development Research Institute of Zimbabwe director Godfrey Kanyenze opined that the slump is attributable to two extreme weather phenomena, El Nino and Cyclone Idai. Said Kanyenze: > Well, the government has also indicated that they may also have to revise their (gross domestic product growth) as well. It is very simple and straight forward, it (IMF’s revision) is related to the El Nino-induced drought and the aftermath of Cyclone Idai. > Also, as you know there is the role of the primary factors that have had an adverse effect on the economy and the shortages of foreign currency. As you can see, a lot of companies are closing as a result of the acute shortages of foreign currency. > So, it is the El Nino-induced drought that has had a very adverse impact, the issue of Cyclone Idai which has worsened the situation and the absolute shortage of foreign currency. > These are just forecasts, predictions in terms of the weather, the foreign currency situation and reforms. *Related:* *Mthuli Ncube To Furnish IMF On Zim Debt* *IMF Team Jets In For Second SMP Talks* *More: Newsday* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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