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Zimbabwe economy suffered $800m loss

by Staff reporter
18 Jan 2019 at 15:57hrs | Views
The Zimbabwean economy, due to the violent demonstrations which characterised the country this week, has suffered contagion economic effects across all the sectors with direct losses estimated to be $800 million.

The detrimental effects of the illegal demonstrations are far reaching to the Zimbabwean economy as all sectors have been affected either directly or indirectly.

The retail sector alone suffered the most as $500 million worth of stock and properties were vandalised with Choppies Supermarket losing 9 branches countrywide.

A more worrying factor is that most if not all retail shops are given stocks on credit terms which means the losses translate back to the manufacturer as well.

Zimbabwean industries contribute $100 million daily to gross domestic product, the terror attacks costed the country around $300 million directly and the effects extend to financial institutions as property and equipment that was destroyed were purchased using bank loans.

Events of this week spells economic sabotage of the highest order and should never be given space as soft losses running into millions could be encountered in the tourism sector and also dampening investor confidence.

Source - zbc

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