The country’s economic growth for the current year is positively forecasted by many financial institutions, national and international. Taking into account the current context, the First National Bank Mozambique (FNB) presented this Wednesday, March 22, a similar approach, stating that it is projected, for 2023, a growth of the economy in the order of 5% to 6%, despite the various constraints that the country and the world face.
“Prospecting a growth of 5% to 6% in an environment of various geopolitical, financial and military uncertainties is positive. We have already had years when growth was 7% and other years when it was much lower. Thus the national economic environment shows a state of gradual recovery,” explained the FNB’s senior credit manager, Alfredo Mondlane.
Speaking during the FNB Economic Breakfast, on the theme “Africa and Mozambique: Economic Prospects 2023”, Alfredo Mondlane said that the growth dynamic is expected to be evident in the real sectors of the economy, such as agriculture, since it has a contribution of 20% to 25% in the national Gross Domestic Product (GDP).
“Of course, growth in agriculture will depend on climate shocks, but we consider it an acceptable environment. Another pillar that will accelerate the economy this year will, of course, be the external sector, such as gas and coal exports, without forgetting the services sector which is one of the pillars,” the source detailed.
Mondlane added that, “with the re-launch of activities, the hotel and tourism and transport sectors will be the ones to recover the most, as they had been at a standstill for a long time due to the covid-19 pandemic.
FNB stressed that it was optimistic about the projections and as a banking institution, it continues to keep an eye on risks, seeking to position itself in a more present and aggressive manner.
“We have been supporting our customers and taking necessary measures, being prudent. We are available to support the economy, both in cooling and heating environments,” he said.
On the measures adopted by the Bank of Mozambique (BoM) on inflation, Mondlane said they were aligned: “if we look, the prospect of growth is linked to inflation. And the BdM adopts measures that all central banks in the world adopt. They all increased interest rates and ours was not left out of this environment”.