Business / Economy
Zimbabwe is the poorest nation in the world: US report
26 Jun 2011 at 13:53hrs | Views
Zimbabwe is the second poorest country in the world a #axzz1QOAnUmLY">New York based financial magazine revealed in its monthly report this week. Aneki.com already has Zimbabwe as the poorest country in the world on a gross domestic product (GDP) per capita basis its on a $200 per capita followed by the DRC with $300 per capita and Burundi with $400.
The New York report was released by the monthly Global Finance magazine on Thursday and says Zimbabwe is second poorest in the world after Congo-Brazzaville which is at the bottom of the list among 182 countries in the wealth classification. According to the report, Zimbabwe's GDP is only $342, an improvement from the previous year's GDP of $332.
It is a fact that Zimbabwe was hit by the economic meltdown in the past decade with International lenders last extended funding to Zimbabwe in 1999 after fallout with President Robert Mugabe, whose policies, including the seizures of white-owned commercial farms in 2000, Economic Stractural Adjustment Programmes (ESAP) recommended by the IMF led to an investor flight.
Zimbabwe's arrears to foreign lenders now stand at US$6.4 billion and the country has agreed to clear its debt revenues from its minerals to settle part of the money it owes.
Zimbabwe's economy is on the mend since the unity government came into office in February 2009.
An economic analyst with a big South African bank who prefered not to be named questioned the authanticity of these reports.
"These reports are a bit dodgy considering how much platinum is being produced in the country. Zimbabwe will not only talk of platinum, gold sales have risen, sugar exports as confirmed by Tongaat are also doing well. One wonders were the US based group is getting its figures from" asked the analyst.
Another analyst with a rated stockbroking firm added his comments about the report, "This article was probably done by some who think Zimbabwe and Nigeria are neighbouring countries. It shows lack of intelligence and what we call in econometrics a spurious theory/regression."
Mugabe's supported will always take any report from New York with a pinch of salt.
According to the Global Finance report, the poorest 10 countries were by order of their poverty Congo, Zimbabwe, Burundi, Liberia, Eritrea, Niger, Central African Republic, Sierra Leone, Togo and Madagascar.
The report says Qatar is currently the wealthiest nation on earth after it steadily pushed up its way on the global rich list, aided by its massive gas wealth. The small European state of Luxembourg was the second richest.
"The richest country is occupied by Qatar a GDP per capita of U$ 90,149 in 2010. The poorest country is the Republic of Congo, with a per capita of only U$ 342." The report also showed the other 9 countries in top 10 richest nations include by order of their wealth Luxembourg, Norway, Singapore, oil-rich Brunei, the United States, Hong Kong, Switzerland, Netherlands and Australia.
The New York report was released by the monthly Global Finance magazine on Thursday and says Zimbabwe is second poorest in the world after Congo-Brazzaville which is at the bottom of the list among 182 countries in the wealth classification. According to the report, Zimbabwe's GDP is only $342, an improvement from the previous year's GDP of $332.
It is a fact that Zimbabwe was hit by the economic meltdown in the past decade with International lenders last extended funding to Zimbabwe in 1999 after fallout with President Robert Mugabe, whose policies, including the seizures of white-owned commercial farms in 2000, Economic Stractural Adjustment Programmes (ESAP) recommended by the IMF led to an investor flight.
Zimbabwe's arrears to foreign lenders now stand at US$6.4 billion and the country has agreed to clear its debt revenues from its minerals to settle part of the money it owes.
Zimbabwe's economy is on the mend since the unity government came into office in February 2009.
An economic analyst with a big South African bank who prefered not to be named questioned the authanticity of these reports.
Another analyst with a rated stockbroking firm added his comments about the report, "This article was probably done by some who think Zimbabwe and Nigeria are neighbouring countries. It shows lack of intelligence and what we call in econometrics a spurious theory/regression."
Mugabe's supported will always take any report from New York with a pinch of salt.
According to the Global Finance report, the poorest 10 countries were by order of their poverty Congo, Zimbabwe, Burundi, Liberia, Eritrea, Niger, Central African Republic, Sierra Leone, Togo and Madagascar.
The report says Qatar is currently the wealthiest nation on earth after it steadily pushed up its way on the global rich list, aided by its massive gas wealth. The small European state of Luxembourg was the second richest.
"The richest country is occupied by Qatar a GDP per capita of U$ 90,149 in 2010. The poorest country is the Republic of Congo, with a per capita of only U$ 342." The report also showed the other 9 countries in top 10 richest nations include by order of their wealth Luxembourg, Norway, Singapore, oil-rich Brunei, the United States, Hong Kong, Switzerland, Netherlands and Australia.
Source - Global Finance
