|06-01-2019, 10:09 PM||#1|
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Zimbabwe's (Formerly Rhodesia) Economy Officially Pronounced 'DEAD'
Zimbabwe’s economy pronounced ‘DEAD’ & set to plunge another 20% this year
The spiraling economic meltdown in Zimbabwe is expected to worsen in 2019, partly due to the out-of-control inflation, the country’s Treasury statistics show. The economy is expected to contract 20 percent in dollar terms in 2019. According to the data, Zimbabwe's GDP rose four percent last year, but the inflation rate accelerated from 20.85 percent in October to 75.86 percent last month.
Finance Minister Mthuli Ncube said recently that austerity measures adopted last year were working and would produce a budget surplus. Also on rt.com Zimbabwe drops US dollar & relaunches own currency to revive economy However, experts say that the economy is officially pronounced 'dead,’ as the latest data and the government’s reforms do not seem likely to make positive changes anytime soon.
“Our economy is now dysfunctional and literally dead. We have a real crisis in this country… We don’t have an economy to talk about. We are experiencing so many problems such as fuel, prices are skyrocketing, corruption etc. To be quite honest corruption has destroyed this country…”
The last fuel price hike in January made gasoline sold in the country the most expensive in the world and sparked nationwide protests. Zimbabwe has been hit by rising inflation and increasing levels of government debt for many years. Following hyperinflation in 2009, the country abolished its own currency and adopted the use of a basket of strong international currencies led by the US dollar. Read more ...
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