Most Zimbos are already in the Upper Middle Income Economy bracket, says Mthuli Ncube
Business Reporter
Zimbabwe’s Finance Minister, Professor Mthuli Ncube, announced that the majority of the country’s population has achieved middle-income status, with average daily spending surpassing US$9.
Addressing delegates at the ongoing 2026 Pre-Budget Seminar in Bulawayo, the Minister highlighted that the nation is well-positioned to meet its Vision 2030 target of becoming an upper-middle-income economy, as outlined in the National Development Strategy 1 (NDS1).
Minister Ncube pointed to strong economic growth projections, with an expected 5.6% GDP growth for the 2021-2025 period. This exceeds the NDS1 target of 5.2% and sets a positive precedent for the country’s long-term economic trajectory. “With a growth rate of 6.6% expected for 2025, we are confident that our targets under NDS1 are being met,” he stated.
A key component of the government’s economic strategy has been accelerated investment in infrastructure, including road construction, dam projects, and energy development. These efforts have been bolstered by both public and private sector participation, signaling significant strides in the nation’s infrastructure modernization. Ncube noted that the government, along with independent power producers, is increasingly investing in the energy sector.
As Zimbabwe inches closer to its 2030 goal, Minister Ncube expressed optimism that the country will achieve upper middle-income status by the targeted year. He explained that, according to World Bank standards, upper-middle-income nations are defined as those with a Gross National Income (GNI) per capita exceeding US$4,500. Currently, Zimbabwe’s GNI per capita is US$3,300, which corresponds to an average daily spend of US$9—already above the threshold for middle-income status.
“To qualify as an upper-middle-income country, spending must average US$12 per day,” Ncube explained. “While we are not there yet, with an average daily expenditure of US$9, Zimbabwe is already firmly positioned within the middle-income range.”
The achievements under NDS1, which began in 2021, underscore the success of the government’s economic reforms. These initiatives have focused on macroeconomic stabilization and creating a conducive environment for sustainable growth. Looking ahead, the Minister reaffirmed that the government’s long-term economic vision remains on track, with the country poised for continued progress toward a more prosperous and stable future.
