Zimbabwe forecasts economy to grow by 6.4%

Zimbabwe's Finance Minister Patrick Chinamasa on Thursday said the government expects the economy to grow by 6.4 percent in 2014, up from 3.4 percent envisaged in 2013. Presenting the budget for 2014 at parliament, Chinamasa said the government forecasts stronger growth of the gross domestic product next year driven mainly by agriculture, mining and construction sectors. Agriculture is expected to grow by 9 percent, mining 11.4 percent, while construction 11 percent. The budget announcement, delayed for one month, came as Zimbabwe's economy showed signs of stagnation challenged prominently by a liquidity crunch. Chinamasa was appointed the country's top economic manager after veteran President Robert Mugabe and his Zanu-PF party won elections held in July, ending the tenure of a four-year coalition government formed by Zanu-PF and opposition parties. The post of finance minister, as well as top positions of a few other economic ministries, was occupied by the opposition during the coalition government. Mugabe's Zanu-PF party says it has mapped out an economic blueprint to revive the ailing economy for the next five years. According to the plan, the economic growth is expected to grow by 9 percent in 2018 when Mugabe finishes the new five-year term.