By Chantelle Muzanenhamo
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube says Zimbabwe’s economic growth is being driven by strengthened macroeconomic stability and reforms implemented under the National Development Strategy 1 (NDS1).
Addressing delegates at the 2026 Pre-Budget Seminar in Bulawayo on Thursday, Ncube said the country’s stable macro-fiscal environment had supported consistent growth over the past five years.
“The National Development Strategy 1, which is our national development strategy, is coming to an end at the end of the year, 31 December. I am happy to report that the average rate of economic growth during the five-year period 2021 to 2025 will be of the order of 5.6 percent of GDP because we are expecting 6.6 percent rate of growth this year,” he said.
He said the economy had performed in line with government targets.
“So that figure is actually on target. Our target for the period was about 5.2 percent. So 5.6 percent I think we have done well in meeting that target,” he said.
Ncube attributed the growth to disciplined fiscal and monetary policies, supported by increased investment in public infrastructure.
“I think it’s fair to say as well, during the NDS1 period, we have seen accelerated investments in the infrastructure sector, our roads, our dams specifically, and now we are beginning to see investments in the energy space, both by government as well as the independent power producers,” he said.
He said the stabilised environment had positioned Zimbabwe to move toward upper middle-income status by 2030.
“We think that really we are on track to achieve upper middle income status. In fact, there is a slight feather down with the macro-fiscal framework. You will see that by year 2030, we will be very close to, if not have achieved, the upper middle income status,” he said.
According to World Bank standards, countries require a GNI per capita of at least US$4,500 to qualify as upper middle-income.
“So the minimum GNI per capita should be US$4,500 per person… Currently, on average, with the GNI per capita of US$3,300, that implies that we are spending US$9 per day,” he said.
Ncube said current spending levels already place the country in middle-income territory.
“So if you are able to spend nine dollars per day, consistently through the year, you are already middle income… Since you are already spending nine dollars, you are already there,” he said.
Stability achieved under NDS1 demonstrated the effectiveness of government reforms aimed at restoring confidence, boosting investment and strengthening long-term growth, he said.
NDS1, launched in 2021, is the country’s main economic blueprint guiding efforts to build an upper middle-income economy by 2030.