Zimbabwe Economic Update, February 2016

World Bank

Zimbabwe Economic Update, February 2016

Autores

World Bank

Editor

World Bank, Washington, DC

Descripción

Low export prices and high production costs are contributing to a persistent deficit in the external accounts. Despite narrowing somewhat in recent years, Zimbabwe’s current account deficit remains much larger than those of comparable countries in the region, and exports currently amount to just over half of imports. A decline in global prices for gold, platinum and other mineral commodities, coupled with unresolved supply-side constraints, has reduced the value of mining exports. Zimbabwe has also benefited from lower oil prices, but rising import volumes largely offset the impact on import values. Remittances gradually increased during 2010-2015 and are estimated to have reached almost 7 percent of Gross National Income (GNI) in 2015. The domestic financial sector is slowly recovering from a post-dollarization credit boom and interest rates remain elevated. The Central Bank has stabilized the financial sector, a recent growth of broad money looks robust and bank lending has become market-driven. But still only blue-chip borrowers are able to access financing at competitive rates. The authorities are taking measures to update Zimbabwe’s credit infrastructure, strengthen oversight and restore the regulatory framework. Zimbabwe is experiencing a deflationary trend in response to these macroeconomic imbalances. The multicurrency regime, adopted in 2009, limits monetary policy instruments available to the authorities but also provides a level of fiscal and economic restraint. As competitive pressures increased, the consumer price index fell -2.5 percent, year-on-years, at end-2015. Declining prices should help to restore competitiveness over time, but should be accompanied by efforts to raise productivity at all levels of the economy.

Palabras clave

WASTE, TARIFFS, EMPOWERMENT, LAND ADMINISTRATION SYSTEM, CREDIT MARKETS, MONETARY POLICY, RISKS, CAPITAL MARKETS, HEALTH PLANNING, ECONOMIC GROWTH, PROFIT MARGINS, DEVELOPMENT ASSISTANCE, DEPOSITS, PEOPLE, POLICY ENVIRONMENT, AGRICULTURAL CREDIT, FINANCING, FISCAL DEFICITS, LENDING POLICIES, INTEREST, ANTENATAL CARE, LAWS, EMPLOYMENT OPPORTUNITIES, EQUITABLE ACCESS, GOVERNMENT FUNDING, INTEREST RATE, PROPERTY RIGHTS, INCOME GROUP, BANKING SYSTEM, ECONOMIC DEVELOPMENTS, REVENUES, FISCAL POLICY, WELFARE, HEALTH, LOAN, FEE, BORROWERS, ASSET MANAGEMENT, PAYMENTS, CREDITORS, DEBT BURDEN, CREDITOR, LENDER, PUBLIC HEALTH, LIFE EXPECTANCY, BANK LENDING, KNOWLEDGE, ECONOMIC ACTIVITY, LABOR MARKET, DIABETES, SAVINGS, IRON, LENDER-OF-LAST-RESORT, PATIENT, COMMERCIAL BANK, AGRICULTURAL MARKETS, EXPORT EARNINGS, INTERVENTION, ACCESS TO FINANCING, CURRENT ACCOUNT, DEBTS, HEALTH INDICATORS, FINANCES, PHONE PENETRATION, INTEREST RATES, NURSES, ECONOMIC EMPOWERMENT, PAYMENT, DEBT, CAPITAL MARKET, PRIVATE INVESTMENT, LIMITED ACCESS, PENETRATION RATE, BANKERS, LOANS, FOLIC ACID, FARMERS, CAPITAL STOCKS, SOCIAL DEVELOPMENT, BANK CREDIT, MORTALITY, SMALLHOLDERS, REAL ESTATE, HOUSEHOLD INVESTMENTS, CHILD CARE, FINANCE, DONOR SUPPORT, MEDICAL TREATMENT, ADMINISTRATIVE COSTS, PUBLIC INVESTMENT, BANK DEPOSITS, INVESTMENT DECISIONS, BANKS, FISCAL DEFICIT, EXPENDITURE, INSTITUTIONAL REFORMS, EQUITY, HUMAN CAPITAL, LAND MARKET, WORKERS, AFFORDABILITY, CAPITAL, CREDIT FACILITY, PATIENT SATISFACTION, CUSTOMER BASE, USER FEES, FIXED CAPITAL INVESTMENT, FAMILY, SOURCE OF INCOME, BANK, FOREIGN DIRECT INVESTMENT, CREDIT, FIXED CAPITAL, PURCHASING POWER, FOREIGN INVESTMENT, HEALTH OUTCOMES, SMALLHOLDER, URBAN AREAS, HOUSEHOLD, FINANCIAL BURDEN, PRICE STABILITY, AGRICULTURAL SECTOR, FAMILY PLANNING, EXPENDITURES, CAPITAL FLOWS, PROPERTY, SMALLHOLDER FARMERS, LOAN PORTFOLIO, MEASUREMENT, INSTITUTIONAL CAPACITY, CREDIT BUREAU, BUSINESS CONFIDENCE, DIVERSIFICATION, COLLABORATIVE RELATIONSHIP, WASTE DISPOSAL, INTERNET, EXPORT CROPS, ACCESS TO CREDIT, WEIGHT, COMMUNICABLE DISEASES, ECONOMIC DEVELOPMENT, CHILDREN, SECURITY, BANKERS ASSOCIATION, CLINICS, WORKING CONDITIONS, INVESTMENT, EXTREME POVERTY, FINANCIAL INTERMEDIATION, HOUSEHOLDS, ACCESS TO SERVICES, BALANCE SHEETS, ECONOMIC CRISIS, EQUALITY, PUBLIC FINANCES, ISOLATION, TARIFF, PRIVATE INVESTORS, EXTERNAL SHOCKS, REVENUE, EARNINGS, INVESTMENTS, BORROWING, FINANCIAL SUPPORT, TECHNICAL SUPPORT, INSECURE PROPERTY, STRATEGY, FEES, FISCAL DISCIPLINE, DONOR FUNDING, REMITTANCES, HOSPITALS, CAPITAL INVESTMENT, FOOD PROCESSING, ARREARS, IMPORT DUTIES, IMPLEMENTATION, HEALTH SERVICES, CAPITAL ACCOUNT, CAPITAL COSTS, GUARANTEE, CREDIT REGISTRY, DEVELOPMENT BANK, INEQUALITY, LAND ADMINISTRATION