Zimbabwe: 2004 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, September 17, 2004
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- Zimbabwe: 2004 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: September 17, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451841497.002
Macroeconomic performance and outlook
- Real GDP declined by 9.3 percent in 2003.
- An additional broad-based decline is projected in 2004.
- Progress on structural reforms has been limited.
Inflation dynamics
- Year-over-year inflation reached 600 percent during November 2003–February 2004.
- Monthly inflation reached 34 percent in November 2003 and fell to 5 percent in April 2004.
- The decline in monthly inflation followed a tightening of monetary policy and an appreciation of the exchange rate.
Policy actions and structural measures
- Most price controls were removed after May 2003.
- The fuel market was partially liberalized.
- Monetary policy was tightened (leading to exchange rate appreciation and lower monthly inflation).