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Zimbabwe Launches Plan To Salvage Economy

Zimbabwe has unveiled a new economic recovery plan aimed at reducing inflation and increasing the number of formal jobs by 2025.

The country’s economy contracted sharply in 2019 after the local currency introduced to address a shortage of US dollars dropped in value. Inflation peaked at 837% in July.

The plan, dubbed the National Development Strategy, plans to bring inflation from the current 471% down to single-digit figures, and to create 760,000 new jobs.

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The majority of adults are not formally employed.

The government says its recovery plan will be driven by mining and agricultural production, but will also seek to develop an economic reform programme with the International Monetary Fund.

Zimbabwe has been unable to access low-cost loans with global lenders for more than 20 years after it defaulted on its repayment obligations.

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