Business / Economy
Analysts dismiss the Global Financial Magazine Report
28 Jun 2011 at 17:20hrs | Views
Economic analysts have questioned dubious economic surveys by some international institutions including the recent #axzz1QOAnUmLY">New York based Global Finance Magazine Report alleging that Zimbabwe is the second poorest country in the world.
These economic statistics have been described as unrealistic and as a deliberate ploy to tarnish the country's fast improving economic environment.
Economic analyst, Mr Abicia Ushewekunze says the report is a mere piece of Western propaganda.
Another economic analyst, Mr Willie Ganda noted that the country with its vast mineral resource base and increased investments over the past few months makes it one of the most improved economies in the world, contrary to the dubious Global Finance Magazine Report.
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.
Another 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."
Zimbabwe's Gross Domestic Product (GDP) is currently around US$8 billion, inflation rate is at 2% while capacity utilisation is hovering around 40%.
Last year, the country's economy grew by 8,3% and there is high optimism that a growth of over 9% will be recorded this year at the back of improved earnings from the mining and agriculture sectors.
The American report alleges that Zimbabwe is the second poorest country in the world a 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.
These economic statistics have been described as unrealistic and as a deliberate ploy to tarnish the country's fast improving economic environment.
Economic analyst, Mr Abicia Ushewekunze says the report is a mere piece of Western propaganda.
Another economic analyst, Mr Willie Ganda noted that the country with its vast mineral resource base and increased investments over the past few months makes it one of the most improved economies in the world, contrary to the dubious Global Finance Magazine Report.
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.
Another 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."
Zimbabwe's Gross Domestic Product (GDP) is currently around US$8 billion, inflation rate is at 2% while capacity utilisation is hovering around 40%.
Last year, the country's economy grew by 8,3% and there is high optimism that a growth of over 9% will be recorded this year at the back of improved earnings from the mining and agriculture sectors.
The American report alleges that Zimbabwe is the second poorest country in the world a 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.
Source - Byo24News
