Business / Economy
Mugabe rule costs Zimbabwe a staggering $96 billion
30 Mar 2014 at 11:56hrs | Views
ZIMBABWE has lost a staggering $96 billion in economic value due to economic misrule in the 12 years to 2012, a global research firm has said.
The Centre for Global Development said the economy took a tumble in 2000 after President Robert Mugabe's government embarked on the fast track land reform programme.
It said just as the rest of Africa started booming, Zimbabwe's economy contracted.
It said if the Zimbabwean economy had grown at Zambia's growth rate of 5,3%, Gross Domestic Product (GDP) would have reached $20 billion.
"Instead of plunging by roughly half, Zimbabwe's real GDP would have doubled. GDP per person would have been more than $11 000, instead of less than $500," it said.
"And the implied cumulative loss of economic value over these 12 years: $96 billion."
The Centre for Global Development said the economy took a tumble in 2000 after President Robert Mugabe's government embarked on the fast track land reform programme.
It said just as the rest of Africa started booming, Zimbabwe's economy contracted.
It said if the Zimbabwean economy had grown at Zambia's growth rate of 5,3%, Gross Domestic Product (GDP) would have reached $20 billion.
"Instead of plunging by roughly half, Zimbabwe's real GDP would have doubled. GDP per person would have been more than $11 000, instead of less than $500," it said.
"And the implied cumulative loss of economic value over these 12 years: $96 billion."
Source - thestandard
