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Economy expected to grow by 2.8% in 2022

Economy expected to grow by 2.8% in 2022

The economy is expected to grow by 2.8% in 2022, before expanding further by 3.4% in 2023, Finance Minister Iipumbu Shiimi said in the 2022-23 Mid-Year Review Budget Statement.

According to Shiimi this is a marginal revision from the forecasts in the main budget of 2.9% for 2022 and 3.7% in 2023.

“Risks to the domestic economy remain elevated and the near-term fiscal policy path continues to be clouded by pressure from the lingering effects of the pandemic and further compromised by the economic consequences of the conflict in Ukraine, as well as elevated global inflation,” Shiimi said.

Meanwhile, Shiimi said the budget deficit is projected to decline to about 5.3% of the gross domestic product in the 2022/23 financial year compared to 5.6% estimated in the main budget in February 2022.


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