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Business images of Zimbabwe

Economy of Zimbabwe

The economy of Zimbabwe is a gold standard based economy. Zimbabwe has a $44 billion dollar informal economy in PPP terms which translates to 64.1% of the total economy.Agriculture and mining largely contribute to exports. The economy is set to reach $66 billion by end of 2023, 88% increase in forecast from $35 billion. The country has reserves of metallurgical-grade chromite. Other commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and Iron ore.

Top Sectors in Zimbabwe

transportation in Zimbabwe

Zimbabwe's internal transportation and electrical power networks are adequate; nevertheless, maintenance has been ignored for several years. Zimbabwe is crossed by two trans-African automobile routes: the Cairo-Cape Town Highway and the Beira-Lobito Highway. Poorly paved highways connect the major urban and industrial areas, while rail lines controlled by the National Railways of Zimbabwe connect Zimbabwe to a vast central African railroad network that connects it to all of its neighbors.

energy in Zimbabwe

The Zimbabwe Electricity Supply Authority is responsible for providing the country with electrical energy. Zimbabwe has two larger facilities for the generation of electrical power, the Kariba Dam (owned together with Zambia) and since 1983 by large Hwange Thermal Power Station adjacent to the Hwange coal field. However, total generation capacity does not meet the demand, leading to rolling blackouts. The Hwange station is not capable of using its full capacity due to old age and maintenance neglect. In 2006, crumbling infrastructure and lack of spare parts for generators and coal mining lead to Zimbabwe importing 40% of its power, including 100 megawatts from the Democratic Republic of Congo, 200 megawatts from Mozambique, up to 450 from South Africa, and 300 megawatts from Zambia.In May 2010 the country's generation power was an estimated 940MW against a peak demand of 2500MW.Use of local small scale generators is widespread.

Agriculture in Zimbabwe

Agriculture in Zimbabwe can be divided into two parts: commercial farming of crops such as cotton, tobacco, coffee, peanuts and various fruits, and subsistence farming with staple crops, such as maize or wheat.<br>Commercial farming was almost exclusively in the hands of the white minority until the controversial land redistribution program began in 2000. Land in Zimbabwe was forcibly seized from white farmers and redistributed to black settlers, justified by Mugabe on the grounds that it was meant to rectify inequalities left over from colonialism.[41] The new owners did not have land titles, and as such did not have the collateral necessary to access bank loans.The small-scale farmers also did not have experience with commercial-scale agriculture.

Mining in Zimbabwe

As other southern African countries, Zimbabwean soil is rich in raw materials, namely platinum,coal, iron ore, and gold. Recently, diamonds have also been found in considerable deposits. Copper, chromite and nickel deposits also exist, though in lesser amounts. The Marange diamond fields, discovered in 2006 are thought to be among the richest in the world.

Education in Zimbabwe

The state of education in Zimbabwe affects the development of the economy while the state of the economy can affect access and quality of teachers and education. Zimbabwe has one of Africa's highest literacy rates at over 90%.The crisis since 2000 has, however, diminished these achievements because of a lack of resources and the exodus of teachers and specialists to other countries. Also, the start of the new curriculum in primary and secondary sections has affected the state of the once strong education sector.


Zimbabwe - Key Economic Indicators

Exports & Imports

Zimbabwe's main exports are minerals like gold, platinum, and diamonds, along with agricultural products like tobacco and cotton. South Africa, China, and Botswana are their top trading partners. However, the country also relies heavily on imports for fuel, machinery, and food. Data for 2023 isn't finalized, but an increase in mineral exports is likely.

Balance of Trade

Zimbabwe has historically struggled with a negative trade balance. Recent data suggests this trend may be continuing. However, a potential rise in mineral exports in 2023 could lead to a narrowing of the trade deficit.

Infrastructure Development

While Zimbabwe has a sizeable road network exceeding 97,000 kilometers as of 2023, much of it requires maintenance and upgrades. The government is investing in infrastructure projects, but progress is often hampered by budgetary constraints.

Fiscal Policy

Balancing government spending and revenue collection is a challenge in Zimbabwe. Government spending can be high, particularly ahead of elections, and tax collection can be inefficient. This contributes to the country's budget deficit. In 2023, the depreciation of the Zimbabwean dollar likely further impacted government revenue.

Monetary Policy

The Reserve Bank of Zimbabwe (RBZ) is tasked with managing inflation and promoting economic stability. However, high inflation remains a concern. In February 2024, annual inflation reached 47.6%, highlighting the ongoing challenge. The RBZ may have implemented measures in 2023 to address inflation, such as adjusting interest rates.

Trade Agreements

Zimbabwe participates in regional trade agreements like the Southern African Development Community (SADC). These agreements offer some trade benefits with neighboring countries.

Environmental Regulations

Zimbabwe has environmental regulations in place to protect its natural resources and wildlife. However, enforcing these regulations can be difficult due to limited resources and competing economic interests.

Tax System in Zimbabwe

Capital Gains Tax: Zimbabwe taxes capital gains, but the rate depends on the asset type. Rates can range from 20% for property to 40% for some financial instruments.
Corporate Tax Rate: The corporate tax rate in Zimbabwe is currently around 24.5%, with an additional 3% AIDS levy, bringing the effective rate to 24.72%.
Sales Tax (VAT): Zimbabwe has a Value Added Tax (VAT) system with a standard rate of 14.5%. Some essential goods and services may be exempt or subject to a zero rate.
Property Tax: Property tax is levied by local authorities in Zimbabwe, and rates can vary depending on the property's location and value.
Payroll Tax: Zimbabwe has a payroll tax system that includes contributions to social security. Employers withhold taxes from employee salaries and remit them to the Zimbabwe Revenue Authority (ZIMRA) along with their employer social security contributions.
Tax Deductions and Credits: Zimbabwe offers various tax deductions and credits to reduce tax liability. These may include deductions for business expenses, medical expenses, and charitable contributions. Tax-free thresholds are also applied to individual income.
Tax Compliance: Tax compliance in Zimbabwe has its challenges. The ZIMRA is working on improving collection efficiency, but a significant informal sector and administrative hurdles can hinder efforts.
Tax Burden: Compared to some regional neighbors, Zimbabwe's tax burden is considered moderate. However, the recent economic situation might lead to future tax policy changes to address government budget shortfalls.

346 Live Notices for Zimbabwe ....

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Vehicle Repairs
country Zimbabwe
posting date17 Dec 2024
deadline20 Dec 2024
Fm85
country Zimbabwe
posting date17 Dec 2024
deadline20 Dec 2024
Misoprostol
country Zimbabwe
posting date17 Dec 2024
deadline20 Dec 2024
Solar Installation
country Zimbabwe
posting date17 Dec 2024
deadline19 Dec 2024
Research
country Zimbabwe
posting date17 Dec 2024
deadline19 Dec 2024
Procurement Of Stationery Supplies - Zimra Printed Forms
country Zimbabwe
posting date17 Dec 2024
deadline20 Jan 2025
Supply And Delivery Of Gas
country Zimbabwe
posting date17 Dec 2024
deadline18 Dec 2024
Staff Uniforms
country Zimbabwe
posting date17 Dec 2024
deadline18 Dec 2024
Supply And Delivery Of Date Stamps
country Zimbabwe
posting date17 Dec 2024
deadline08 Jan 2025
Supply And Delivery Of A4 Certificate Frames
country Zimbabwe
posting date17 Dec 2024
deadline08 Jan 2025
Designing Printing Supply And Delivery Of P4A Remittance Advice Books
country Zimbabwe
posting date17 Dec 2024
deadline08 Jan 2025
Designing Printing Supply And Delivery Of Apwcs 13 Medical Report Books
country Zimbabwe
posting date17 Dec 2024
deadline08 Jan 2025
Supply And Delivery Of Mechanical Seals At Msasa
country Zimbabwe
posting date17 Dec 2024
deadline24 Dec 2024
Supply And Delivery Of Stationery
country Zimbabwe
posting date17 Dec 2024
deadline20 Jan 2025
Designing,Printing,Supply And Delivery Of Apwcs 14 Claim Forms
country Zimbabwe
posting date17 Dec 2024
deadline08 Jan 2025
Carry Out Deep Cleaning Of The Head Office Premises
country Zimbabwe
posting date17 Dec 2024
deadline24 Dec 2024
Delivery And Supply Of Provision And Groceries
country Zimbabwe
posting date17 Dec 2024
deadline19 Dec 2024
Supply And Delivery Of Laptops
country Zimbabwe
posting date17 Dec 2024
deadline20 Dec 2024
Pdi Kits
country Zimbabwe
posting date17 Dec 2024
deadline19 Dec 2024
Supply And Delivery Of Jerry Cans
country Zimbabwe
posting date17 Dec 2024
deadline20 Dec 2024

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