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Biti: Zim economic outlook bleak

Nov 15 2012 16:23 Malcom Sharara, Fin24’s correspondent in Zimbabwe

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Harare - Zimbabwe’s minister of finance Tendai Biti has set the country’s 2013 budget at $3.8bn, up from the revised $3.5bn in 2012. Of the amount, $2.6bn will go towards civil servants’ wages.
 
Presenting his 2013 budget on Thursday afternoon, Biti said 2013 looks bleak as the country battles with global recession, financial instability and a poor business climate.
 
Biti said the 2013 budget is demand driven, with people calling on government to address issues with regards to the country’s political and economic environment.
 
He also revised 2012 gross domestic product (GDP) growth rates further downwards to 4.4%, from his earlier revision to 5.6% from 9.4%. In 2013 GDP is expected to grow by 5%.

 - Fin24
tendai biti  |  zimbabwe  |  africa economy
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