Zimbabwe economy takes a hit
REPORT
By Peter Banda
International Correspondent
Harare, Zimbabwe
Zimbabwe economy to shrink by 4.5% in 2021 due to Covid-19
“Zimbabwe’s economy is expected to shrink by 4,5% this year owing to the fallout from the COVID-19 pandemic and a brutal climate change-related drought,” Zimbabwe Government Finance Minister Mthuli Ncube said on Thursday 16 July 2020.
Announcing the midterm 2020 budget and economic review, Ncube said the mining sector will contract by 4%, although he projected that GDP would rebound to 7,4 percent growth in 2021. The Zimbabwe fiscal boss said that inflation was expected to gradually decline to 300 percent by December, compared with 737,36 percent currently.
The country’s exports, declining to Z$1,53 billion in first five months of this year against Z$1,56 billion during the same period last year.
However, he noted that government was on course to avoid a supplementary budget after ministries, on average used 46% amount of the 2020 budget by June, leaving 54% percent of the total budget unutilized.
Ncube highlighted that the 2020 revenue collection has been surpassed so far. After initially projecting collecting Z$58.6 billion, comprising tax revenues of Z$57.6 billion and non-tax revenue of Z$1.1 billion in the budget, cumulative revenue collections for the period between January and June are estimated at Z$34.2 billion, against a target of Z$32.1 billion.
“This resulted in a positive variance of Z$2.14 billion or 6.7% of projected revenues, notwithstanding the slowdown in economic activity that has been induced by the COVID-19 pandemic, he said.
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How to cite this report: Banda, P. (2020). Project Management Update from Harare, PM World Journal; Vol. IX, Issue VIII, August. Available online at https://pmworldlibrary.net/wp-content/uploads/2020/07/pmwj96-Aug2020-Banda-project-management-update-from-Zimbabwe-Report.pdf
About the Author
Peter Banda
Harare, Zimbabwe
Peter Banda is an agile Portfolio Manager with Change Management, Marketing & Project Management Skills, and an accomplished entrepreneur with broad stakeholder management experience. He is a founder member of Zimbabwe’s largest Association of Project Managers with a membership of over 4000, Project Management Zimbabwe (PMZ). He has worked in both the private & public sectors during the last 20 years in Zimbabwe, Botswana & South Africa. Peter is a born & passionate teacher, mentor & trainer with skills ranging from Personal Development Planning to Project Management. Peter has presented & published over 30 papers at high profile international conferences & leading newspapers & publications respectively during the last 10 years.
Peter is currently Secretary- General & CEO of PROJECT MANAGEMENT ZIMBABWE (PMZ). Responsibilities cover strategic navigation of PMZ towards the vision covering board advisory and stakeholder management. He was previously a Higher Education Examiner, Facilitator, Lecturer, Curriculum Developer and Assessor for both local and International Diploma and Degree courses for the Zimbabwe Ministry of Higher & Tertiary Education. Peter holds a Bachelors (Hon.) degree and MSc qualification, and is currently studying for a PhD & other certifications. A God-fearing father of 2 lovely daughters & 1 son, Peter likes reading & researching current affairs, coaching others to realise their dreams, and watching soccer & cricket.
Peter Banda can be contacted at PMZ National Secretariat Office info@pmiz.org.zw
To view original works by Peter Banda, visit his author profile in the PM World Library at https://pmworldlibrary.net/authors/peter-banda-2/
