Economy exposed to global recession

Global investment bank Renaissance Capital has revised down the country’s economic growth forecast for 2011 to 7% due to a constrained fiscal space and low foreign currency reserves.

Renaissance Capital projected the economy to grow by 6,6% next year.

Finance minister Tendai Biti last month projected the economy to grow by between 7,8 to 9% next year compared to the projected 9,3% this year.

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