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HARARE, Jan. 11 (Xinhua) -- The World Bank says Zimbabwe's economy grew by 0.4 percent in 2016 weighed down by a drought and low commodity prices, the lowest growth since the country adopted a multi-currency regime in 2009.
The WB forecast is slightly lower than the 0.6 percent projected by the Zimbabwe government last December.
In its 2017 Global Economic Prospects report released Wednesday, the WB said Zimbabwe's economy was, however, projected to expand by 3.8 percent in 2017 as the country continues to adjust to low commodity prices.
The WB projection for 2017 is higher than the 1.7 percent growth envisaged by the Zimbabwe government.
"Growth among oil exporters will remain weak in 2017. Other commodity exporters will continue to struggle to adjust to low commodity prices, with activity expanding at a moderate pace, such as Mozambique, the Democratic Republic of Congo and Zimbabwe," the WB said in the report.
Zimbabwe's economy has been on a slow down in recent years due to low foreign direct investment and production.
The country is currently grappling with a cash crisis that started last year, forcing monetary authorities to introduce bond notes as a way to address the shortages. Enditem
