Zim crisis costs SA(14-12-06)

HARARE - The unfolding Zimbabwe crisis, whose contagion is currently sweeping across the region, has cost S

outh Africa about US$1 billion is lost investment in the past 18 months.

In a report this week, the Johannesburg-based Econometrix said the emergency had damaged the South African economy to the tune of some US$1 billion.

Reserve Bank governor Tito Mboweni recently complained that developments in Zimbabwe were “distressing the southern African region unnecessarily”. The government is also disturbed by the influx of economic refugees.

“The biggest impact of Zimbabwe’s crisis has been on the value of the rand,” the report said. “But like all economic things, there is a positive and a negative impact. One of the positives is that the decline of the rand has made SA’s economy more competitive. On the negative side, fixed investment into South Africa has reduced.”

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