Zim lets SADC down

ZIMBABWE'S economy is set to shrink for the eighth year in a row, with gross domestic product (GDP) expected to fall by 5,7% this year, and by a further 3,6% in 2008, according to the International Monetary Fund (IMF).
With current GDP figures set at around US$3,146 billion, this means that a

shrinkage of approximately US$179 million in 2007 and a further US$107 million in 2008.
Zimbabwe is the only member of the 13-member Sadc grouping whose economy has continued to slide.
Botswana is expecting a growth rate of 4,3%; Madagascar, 5,6%; Mozambique, 6,8%, whilst predictions for Zambia are at 6%.
Backing up IMF forecasts were the Organisation for Economic Cooperation and Development (OECD) and African Development Bank (ADB), which predict growth for the African continent at 5,9% in 2007 and 5,7% in 2008.
All other Sadc nations are set to register growth in economic activity in the year 2008, with the average growth rate for the Sadc region standing at 5,2%. A disastrous land reform exercise, ever-increasing inflation, biting foreign currency shortages, and lack of investor confidence have created shortages of basic commodities, thus fuelling inflation.

Post published in: Economy

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