December 8, 2016 / 1:49 PM / 8 months ago

Zimbabwe halves 2016 growth forecast, budget deficit widens

1 Min Read

HARARE, Dec 8 (Reuters) - Zimbabwe's economy will grow by 0.6 percent in 2016, half the previous forecast, but will recover next year, Finance Minister Patrick Chinamasa said in a budget speech on Thursday.

Chinamasa said the budget deficit for the 2017 fiscal year was estimated at $400 million, equivalent to 3 percent of GDP, up from 1.1 percent in this year.

The southern African nation is grappling with a devastating drought that has left more than 4 million people facing hunger, while the worst financial crisis in seven years has fuelled some of the biggest anti-government protests in a decade.

Reporting Macdonald Dzirutwe; Writing by Mfuneko Toyana; Editing by James Macharia

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