Key View

• At Fitch Solutions, we expect that a recent resurgence in inflationary pressures in Zimbabwe will put further pressure on real household disposable incomes, weighing on social stability.
• The government will likely contain any potential increase in violent unrest, though this would risk disrupting economic activity as in 2019 and

Key View

• We at Fitch Solutions forecast Zimbabwe’s current account surplus rising to 3.0% of GDP in 2022, from an estimated 2.4% of GDP in 2021.
• The rising current account surplus will be underpinned by currency weakness weighing on import growth, as well as high global gold prices and a partial recovery of the tourism sector.
• We then

Key View

• At Fitch Solutions, we expect a markedly more hawkish Reserve Bank of Zimbabwe monetary policy in 2022 than we had previously anticipated given elevated inflationary pressures caused in part by the Ukraine conflict .
• We expect Zimbabwe’s policy rate to be increased by a further 2,000 basis points to 100.0% in 2022, amid higher

Key View

• Bilateral relations between Zimbabwe and Botswana are on an upward trajectory.
• Local generic drugmakers will be the primary beneficiary to the increase in relations.
• Potential benefits for multinational drugmakers could be realised in the longer term, but challenges remain.

Bilateral relations between Zimbabwe and Botswana on an

Key View

• Zimbabwe’s weak economy will continue to limit pharmaceutical and healthcare market growth as both household incomes and government tax revenues remain low.
• Elevated inflation will place increasing pressure on pharmaceutical prices and aggravate funding and affordability issues in the country’s healthcare sector.
• Zimbabwe will

Key View

• We at Fitch Solutions expect real GDP growth in Zimbabwe to slow from an estimated 4.7% in 2021 to just 3.7% in 2022.
• Although economic activity will be supported by private consumption, growth will be capped by base effects, slowing agricultural output, and lower commodity prices.
• We then see real GDP growth slowing further to 3.1%

Key View

• At Fitch Solutions, we expect headwinds posed by the Covid-19 pandemic to ease over 2022 in Zimbabwe.
• This, alongside gradually easing inflationary pressures and stronger economic growth, should improve conditions for households in the coming months.
• Nevertheless, the scope for public unrest will remain, given persistently high

Key View

• At Fitch Solutions, we expect the Reserve Bank of Zimbabwe (RBZ) to keep its key policy rate on hold at 60.00% over the remainder of 2021, before instituting a series of rate cuts from 2022 as it seeks to boost access to credit.
• We expect annual inflation to average 35.0% in 2022 - down from a forecast 145.3% in 2021 and 557.2% in

Key View

• At Fitch Solutions we expect the Reserve Bank of Zimbabwe to keep its key policy rate on hold at 40.00% over the remainder of 2021.
• While we expect price pressures to moderate in H221 given a slower pace of currency depreciation, inflation will remain elevated, at an annual average of 140.1% in 2021. However, we do not expect the