If you earn about US$8 per day, you are considered middle-income.
If you earn more than US$12 per day, you are considered upper-middle income.
Prof. Mthuli Ncube defined these categories.
Zimbabwe signed a Petroleum Production Sharing Agreement with Australia’s Invictus Energy, a key step in advancing the Cabora Bassa gas project, this Wednesday.
The project is aimed at reducing Zimbabwe’s import dependency on petroleum products and strengthening national energy resilience.
Speaking during the signing ceremony, Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube, said the agreement is aligned with the government’s broader policy objectives of promoting value addition and attracting quality long-term investments.
“If you are able to spend US$8 a day—on transport, food, etc.—you are middle income.
“Some of you are already upper-middle income; you are able to spend more than US$12 per day.
“That is the official definition of upper-middle income: US$4,500 per year, which translates to US$12 per day, given Zimbabwe’s size.”
