By a Correspondent
FINANCE Minister Mthuli Ncube says the country’s economy is growing but slower than in 2021 owing to global disturbances and economic factors.
As such, he said, the country is expected to close the year with a revised Gross Domestic Product of 4.6 percent instead of the initially predicted 5.5 percent.
“GDP growth for 2022 has been revised downwards from 5.5 percent during the 2022 budget to 4.6 percent during the mid-term review. Further reviews are still ongoing as we undertake these stakeholder consultations with any changes being announced during the budget presentation,” said Ncube in a 2023 pre-budget briefing.
He said growth is expected in the hospitality, mining and construction sector while the agricultural sector suffered a knock from the previous drought.
Ncube said strengthen the Public Finance Management System to ensure budget sustainability.
“Disbursements by Treasury will be strictly limited to available revenue and within the approved budget, due diligence in Government procurement processes and the value for money concept,” he said.
Ncube said creating opportunities in the youth, sport, arts and culture sectors, women, gender equity and SMEs, devolution and decentralisation, are included in the priority package.
The priority list also entails human capital development, well-being and innovation, ensuring effective institutional building and governance, image building, engagement and re-engagement looking at debt clearance and debt restructuring.
