Zimbabwe to miss 2030 upper middle income status target, says Former Finance Minister

Former Minister of Finance and Investment Promotion Tendai Biti says the country will not achieve its ambitious upper middle income status by 2030.

Posting on his X handle, Biti said the economy is in fact head for implosion adding that the recent rebasing of the country’s economy is not based on scientific data.

“The regime in Harare has egregiously rebased Zimbabwe’s Gross Domestic Product (GDP) to $44.4 billion from the 2019 figure of US$35.2 billion.

“Rebasing is a scientific process of reevaluation of the country gross output or GDP. Where there has been structural changes in the economy rebasing is necessary.

“It is clear as a pike staff that the present rebasing of Zimbabwe’s economy to $44.3 billion is a fraudulent political ritual done outside science & data.

“A shameful self serving ego trip done to justify the myth & fiction that Zim is on course to achieve upper middle income status by 2030.

“This is why they have been quick to claim that the Gross National Income is now US$2893 & per capita income at US$3000. The rebasing is case for heresy that Zim is now the 5 th largest economy in Southern Africa. But the truth is that if anything the economy has structurally,” he said.

Biti added: “There has been massive de industrialization, with companies shutting shop or relocating.The exchange rate mismanagement, power shortages, corruption & successive droughts have been permanent headwinds. To suggest that wages & dividends have:

“-) doubled in the last 5 years is pure fiction . To suggest that there have been unaccounted pockets of the economy worth US$1.5 b is fantasy.

“To millions of suffering Zimbabweans trapped in deep poverty ,hunger,unemployment hyperinflation & drug free hospitals, to suggest

“-) that there lot has improved in the last 5 years is gross insult. Truth is this is a desperate mafia regime without limits , without elasticity.

“This economy is on the throes, weighed down by massive corruption incompetence & indifference. It is slowly heading for an implosion.”

Zwnews