No, Mr President, Zimbabwe doesn’t have highest GDP growth rate

CLAIM: The notable expansion, productivity and profitability of entities across all sectors of our economy have seen our country recording the highest GDP growth in our region.

SOURCE: President Mnangagwa on ZBC

VERDICT: False

Is Zimbabwe the fastest-growing economy in the region?

In an Independence Day speech in Mt Darwin, televised by the national broadcaster ZBC on April 18, President Emmerson Mnangagwa said Zimbabwe is growing faster than all its regional peers due to his government’s policies. 

He said: “It is encouraging that inflationary pressures continue to ease due to a combination of fiscal consolidation and tight monetary policy measures. The notable expansion, productivity and profitability of entities across all sectors of our economy have seen our country recording the highest GDP growth in our region.”

This is not true.

Credit: Xinhua

The Zimbabwe government has projected that the economy will grow by 3.8% in 2023, after growing by an estimated 4% in 2022. 

This is lower than other countries in the region. 

For example, the Africa Development Bank estimates that the Zimbabwe economy grew by 3% in 2022. This is lower than Zambia’s 3.1%, Mozambique’s 3.8%, and Botswana’s 4.2% for the same year. 

The AfDB expects the Zimbabwe economy to grow by 2.9% in 2023. It forecasts Zambia to grow by 4.2%, Mozambique by 6.5%, Malawi by 3%, Botswana by 3.8% this year. Zimbabwe will however grow faster than South Africa, which AfDB expects to grow by 1.6%. 

The IMF, on the other hand, estimates that the Zimbabwe economy grew by 3% last year. IMF says Zambia grew by 3.4% last year, Tanzania by 4.7%, and Botswana by 6.4%. IMF believes Zimbabwe will grow by 2.5% in 2023, lower than other regional economies; this year, Zambia is forecast to grow by 4%, Botswana by 3.7% and Mozambique by 5%. Zimbabwe is expected to do better than 2.4% in Malawi and South Africa’s 0.1%. 

Credit: VOA

In 2021, Zimbabwe had one of the highest GDP growth rates in the region, when it grew by 8.5%, per IMF and Zimbabwe government, or 7.2%, according to AfDB. However, even that strong growth rate was lower than that of Botswana for that year, which was above 11% according to the Africa Development Bank and the IMF. 

Conclusion

President Emmerson Mnangagwa’s claim that Zimbabwe has the highest GDP growth rate is false. Available data from various sources shows that Zimbabwe still lags behind some of its neighbours in economic growth.