Zimbabwe tops log standings on inflation in SADC

Zimbabwe is the only country in the Southern Africa Development Community (SADC) that has annual inflation of over 50% so far this year.

This situation is putting the economy at a disadvantage to its regional competitors in terms of trade.

Meanwhile, a local research firm says most companies in the manufacturing sector will struggle in penetrating the regional and continental markets due to bottlenecks in accessing foreign currency, rolling power cuts and ageing equipment, among other factors.

Akribos Research Services, in its forecast report for the year, said local manufacturing firms will find it hard to penetrate the African Continental Free Trade Area.

Apparently, figures by renowned economist, Steve Hanke show that most of the times Harare downplays inflation figures in order to paint a better picture.

Commenting on Reserve Bank of Zimbabwe’s recent inflation projections, Hanke said:

“Zimbabwe’s central bank is projecting inflation to end the year at between 25% -35%. I wish the central bank luck.

“Its record of forecasting is one of total failure. I measure Zim’s inflation each day. Today, Zimbabwe’s annual inflation rate.”

Zwnews