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*Power Cuts Cost Zimbabwe 6.1% Of GDP - World Bank* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?ul The World Bank has said power cuts cost Zimbabwe a total of 6.1 per cent of gross domestic product (GDP) per year. In its fourth Zimbabwe Economic Update report released on Wednesday, 13 December, the World Bank said power shortages are hurting the mining sector which consumes a lot of energy. It said: ---------- 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 ---------- > World Bank estimates suggest that Zimbabwe’s power shortages cost the country a total of 6.1% of GDP [gross domestic product] per year, comprising 2.3% of GDP in generation inefficiencies and excessive network losses, and 3.8% of GDP on the downstream costs of unreliable energy… > Electricity deficits are particularly damaging for the mining sector, given its highly energy-intensive characteristics, so unreliable and expensive electricity supplies reduce the margins of existing operations and weigh heavily on the feasibility evaluations for expansions and new projects. The World Bank said power cuts were also negatively affecting agricultural and agro-processing sectors by undermining irrigation, as well as cold chain and storage facilities. It said the tourism sector is also affected as hotels, resorts and tourist attractions face disruption of essential services. All these effects translate into lower economic growth and lower household incomes, the bank said. The Washington-based lender said for Zimbabwe to achieve universal electricity access by 2030, large investments are required, especially in solar power and grid expansion. More: Pindula News _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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