Renowned world economic analyst Steve Hanke says Zimbabwe’s President Emmerson Dambudzo Mnangagwa is leading the pack in economic stupidity, running the country aground.
“Zimbabwe’s President Emmerson Dambudzo Mnangagwa is giving a masterclass in economic stupidity and corruption.
“With annual inflation at a whopping 1298%/yr, he continues to try to push Zimbabweans to use the Zim dollar. He is leading Zim to ruins,” he says.
Hanke who is Professor in Applied Economics at John Hopkins University says even Mnangagwa’s move to cut Reserve Bank of Zimbabwe’s borrowing powers will not save the country.
“Zimbabwe Pres. Mnangagwa has ordered the central bank to stop borrowing foreign currency. This will do absolutely nothing to stop Zimbabwe’s third episode of hyperinflation in fifteen years, which started on June 12th,” he says.
He adds that while Reuters reports that Zimbabweans fear a return of hyperinflation. By his measure, hyperinflation of the Zim dollar began on June 12th.
“With that, Zim is the 66th episode of hyperinflation to be entered in the Hanke-Krus World Hyperinflation Table,” he adds.
Zwnews
