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Max Tonela: “Mozambique Is On a Remarkable Growth Recovery Path”

Max Tonela: “Mozambique Is On a Remarkable Growth Recovery Path”

The Minister of Economy and Finance, Max Tonela, stressed today (6) in Parliament that Mozambique “is on a remarkable path of growth recovery”, and that he expects the Gross Domestic Product (GDP) to rise by 5% at the end of the year.

Speaking during the presentation of the proposal for the Economic and Social Plan and State Budget (PESOE) for 2024, in Parliament, he said that “despite the enormous challenges at international and domestic level, especially the prevalence of an unfavorable and unstable geopolitical environment, combined with the adverse impact of climate change and the effects of terrorism in the province of Cabo Delgado, the country continues to follow a remarkable path of growth recovery, with a promising medium-term scenario”.

“For this year, there is a prospect of economic growth of 5%, in line with the plan approved by this great house, with an even more optimistic projection of 5.5% for 2024,” said Max Tonela, pointing out that after the covid-19 pandemic in 2020, GDP recorded real growth of 2.3% in 2021, and 4.1% in 2022, as opposed to the negative record of 1.2% in 2020.

Meanwhile, the source admitted that inflation will fall to single digits this year, reaching 7%, after 10.3% in 2022, and predicts that it will remain in single digits in 2024.

The fall in prices, according to the minister, is influenced by the stability of the metical against the main foreign currencies.

“This trend is also driven by the expectation of a slowdown in fuel prices on the international market, especially the price of Brent crude, which has contributed to the stability of domestic prices, although now conditioned by the dynamics of the Israeli-Palestinian conflict,” he emphasized.

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Max Tonela also said that the economic growth forecast for next year will be supported above all by the 18% growth in the extractive industry and the expected performance in the areas of agriculture at 5.7%, finance at 3.5%, transport at 5.5%, electricity and gas and construction, with 3.5% and 37% respectively.

The PESOE proposal points out that Mozambique’s exports of goods will reach 9.7 billion dollars by 2024, and net international reserves of more than 2.2 billion dollars.

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