Zimbabwe 2nd Poorest Country in World
World Economy

Zimbabwe 2nd Poorest Country in World

A global business magazine has ranked Zimbabwe one of the two poorest countries in the world in a damning verdict of President Robert Mugabe’s 35-year-rule.
On taking over power at independence in 1980, Mugabe was told by then presidents Samora Machel of Mozambique and Julius Nyerere of Tanzania that “You have the jewel of Africa in your hands. Now look after it,” AllAfrica reported.
Now 35 years later, Mugabe, in the twilight of his career, has succeeded in disappointing the late liberation luminaries. The “jewel” is “ruined, dishonored, disgraced”, said writer Doris Lessing.
The country, a former net food exporter, is perennially hungry; formal industry has all but collapsed and unemployment is around 90%, forcing more than a million citizens to resort to vending on the streets.
Confirming Zimbabwe’s precipitous fall from grace, Global Finance magazine ranked the country second bottom of its table of the world’s poorest countries. The magazine used data from the IMF to rank the world’s countries according to their GDP per capita.
The analysis also used a purchasing power parity basis, which takes into account the living cost and inflation rates, in order to compare living standards between the different nations.
The Democratic Republic of Congo, where citizens earn on average $394.25 a year, ranks as the poorest country in the world. Above the DRC was Zimbabwe where, in 2013, people earned $589.25 on average.
The only other SADC country in the bottom ten with Zimbabwe is Malawi, which is ranked 8th poorest with average annual incomes reaching $893 in 2013.
Zambia, whose Kwacha Zimbabweans loved to mock not so long ago, ranks far higher with annual average incomes more than double Zimbabwe’s at $1,800 in 2013 while in Mozambique citizens earned $1,200 on average in 2013.
Like the DRC, Zimbabwe is potentially rich with vast mineral resources, including gold, platinum and diamonds–the latter, according to former mines minister Obert Mpofu, supposed to be earning the country at least $2 billion per year.

Short URL : http://goo.gl/sEIKzI

You can also read ...

Curing existing patients also decreases the number of carriers able to transmit the virus to new patients.
Goldman Sachs has outdone itself this time. That’s saying a...
Transnational organized crime is involved in all forms of illicit trade, from human trafficking networks and tobacco smuggling, to trade of counterfeit goods.
Illicit trade in any of its forms—tobacco, pharmaceuticals,...
The accumulation of bankruptcy cases means that  it sometimes takes about six months just to get  a new insolvency case admitted to court.
India’s revamped bankruptcy process is in full swing and...
The vast majority of US businesses are pass-throughs, including those owned by President Donald Trump.
The US' Congressional Budget Office warned earlier this month...
Swiss Investor Confidence Weakest Since Late 2016
Switzerland’s investor confidence deteriorated further in...
Finland’s Nordea Bank Predicts Growth to Stagnate After 2020
Finnish economic growth is set to keep its strong path this...
Argentina Gets 32 Road Project Bids
Argentina says it received 32 bids for six road projects...
Kenya Growth Slows to 4.9%
Kenya’s economy grew by 4.9% last year from 5.9% in 2016, the...