Zimbabwe’s economy to contract in 2019

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Zimbabwe’s Finance Minister, Mthuli Ncube says the economy is expected to contract in 2019 due to a drought and severe power cuts.

Ncube also said Zimbabwe would defer publication of year-on-year inflation until February 2020, following the adoption of a new currency in June.

The country had initially forecast the economy to grow 3.1 per cent in 2019.

Prices of basic goods and services have more than doubled since June, piling pressure on citizens struggling with shortages.

The development has stirred memories of economic chaos a decade ago, when rampant money-printing fuelled hyperinflation and forced the country to abandon its currency in 2009.

Peace PIAK