MOST ZIMBAS NOW SPEND US$9 A DAY, SAYS NCUBE

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube has said the majority of Zimbabweans have now reached middle income status, as they are spending more than US$9 per day on average.

Addressing delegates at the ongoing 2026 Pre-Budget Seminar in Bulawayo, Prof Ncube said the country was on course to achieve its Vision 2030 goal of attaining an upper middle-income economy, in line with the National Development Strategy 1 (NDS1).

“The National Development Strategy 1, which is our national development strategy, is coming to an end at the end of the year, 31 December. I am happy to report that the average rate of economic growth during the five-year period 2021 to 2025 will be of the order of 5.6 percent of GDP because we are expecting 6.6 percent rate of growth this year,” said Prof Ncube.

He noted that the figures were in line with government projections under NDS1.

“So that figure is actually on target. Our target for the period was about 5.2 percent. So, 5.6 percent — I think we have done well in meeting that target,” he said.

The Minister noted that Zimbabwe had witnessed accelerated investment in infrastructure, particularly in roads, dams and energy projects, through both government initiatives and private sector participation.

“I think it’s fair to say as well, during the NDS1 period, we have seen accelerated investments in the infrastructure sector, our roads, our dams specifically, and now we are beginning to see investments in the energy space, both by government as well as the independent power producers,” said Prof Ncube.

He expressed optimism that the country was firmly on the path to achieving upper middle-income status by 2030.

“We think that really, we are on track to achieve upper middle-income status. In fact, there is a slight feather down with the macro-fiscal framework. You will see that by year 2030, we will be very close to, if not have achieved, the upper middle-income status,” said Prof Ncube.

According to World Bank classifications, countries with a Gross National Income (GNI) per capita of at least US$4,500 qualify as upper middle-income economies.

“So, the minimum GNI per capita should be US$4,500 per person, and this is an annual figure. That means that you ought to be able to spend on any given day no less than US$12 per person. Currently, on average, with the GNI per capita of US$3,300, that implies that we are spending US$9 per day,” said the Minister.

He added that the current spending levels were already reflective of a middle-income society.

“So, if you are able to spend nine dollars per day, consistently through the year, you are already middle income. You are already middle income. But to get to upper middle income, you should be US$12. Since you are already spending nine dollars, you are already there,” he said. Herald

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