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Zimbabwe cuts 2016 growth forecast to 1.4 pct

Xinhua, May 17, 2016 Adjust font size:

Zimbabwe has cut its growth forecast by half to 1.4 percent for 2016 from the initial 2.7 percent owing to a devastating drought that has left more than 4 million people, or 30 percent of the rural population, in need of food aid.

The Finance Ministry announced the revised growth forecast in a quarterly bulletin for January-March 2016 that was received by Xinhua on Tuesday.

"Despite the head winds facing the economy, growth in 2016 is projected to remain positive at 1.4 percent. This is notwithstanding the budget projection of 2.7 percent," the ministry said in the bulletin.

The Ministry also revised downwards projected growth for agriculture to -9.9 percent from the initial 1.8 percent due to the El-Nino induced drought. Enditem