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Mozambican business owners take portfolio of projects to investment conference

The Confederation of Economic Associations (CTA) of Mozambique plans to present projects valued at US$25 billion at the Annual Private Sector Conference 2020, said the chief executive of the employers’ organisation.

The 17th Annual Private Sector Conference will take place in Maputo from 5 to 9 May and the aim is for it to be an investment conference where Mozambican and foreign companies can do business.

EIU lowers Mozambique’s economic growth forecast for 2020

The outbreak of Covid-19 has led the Economist Intelligence Unit (EIU) to cut it forecast for Mozambican economic growth in 2020 by four tenths of a percentage point, from 4.2% to 3.8%, according to the latest report on the country.

The new forecast represents a growth rate of twice that recorded in 2019, of 1.9%, which was substantially lower than seen in previous years due to the combined effects of two tropical storms – Idai and Kenneth – that hit the northern and central regions of the country.

The EIU also said that the trend for the Mozambican economy will be one of growth, and that in 2021 and 2022 the country is expected to see a growth rate of 6.5%, followed by 8.1% in 2023 and 9.9% in 2024, the last year of the period analysed, driven by the preparations and later by the launch of the natural gas projects in the Rovuma basin, Cabo Delgado province.

The document added that the support granted to Mozambique following the two storms will reduce the fiscal deficit this year, before increasing in 2021 as that aid disappears, and will decrease in the period between 2022 and 2024 due to the introduction of a more rigid fiscal policy.