Zimbabwe Enters Another Economic Crisis As Inflation Soars And Goods Become Scarce; On The Streets Of Harare, Talk Of New Coup Is Increasing

SHARE:

Zimbabwe Enters Another Economic Crisis As Inflation Soars And Goods Become Scarce; On The Streets Of Harare, Talk Of New Coup Is Increasing
Photo: Zimbabwean security forces keep a close watch as shoppers line up to enter a supermarket which reopened in the capital Harare, on January 16, 2019. Credits: Jekesai Njikizana

The African nation of Zimbabwe is facing its worst economic crisis in over a decade with another rise in inflation, a deepening of already high poverty levels and scarcities of basic goods, all while the value of the Zimbabwean dollar continues to plummet. Official annual inflation rose by 785.6% in April.


Last week alone the price of fuel soared by around 152 per cent. Strikes against fuel prices last year result in protests and the deaths of as many as 17 people.


Both political uncertainty and the CoVid-19 pandemic are being blamed for the recent return to bad form.


The country has been ravaged with economic and political instability for decades and famously suffered a 500 billion percent rise in inflation in 2008. While long-time leader Robert Mugabe, blamed for much of the past economic disasters of the country, is now dead and his regime (but not his party) was replaced in 2017 by a military coup, the country has still failed to gain stability both internally and in the world markets.


Mnangagwa, who took power in 2017 via the coup, has claimed political detractors were deliberately undermining the country. He told his politburo of his ZANU-PF party (the party Mugabe established to throw out colonial rule in the 1970s) that:


"We are witnessing a relentless attack on our currency and the economy in general through exorbitant pricing models. This battle is being fuelled by our political detractors, elite opportunists and malcontents who are bent on pushing a nefarious agenda. It has become apparent that among us there are wolves in sheep's clothing."


There are now widely circulating rumours that Mnangagwa could very well be facing a coup himself.


In a move to enforce price stability the government has ordered the halting of mobile money transactions, a common occurrence in a country where few people have bank accounts. However, EcoCash, the largest operator of the mobile money transfer market in Zimbabwe urged users to continue using the service regardless.


What is clear is that poverty is deepening. It is believed by the United Nations that half the population, over 7 million people, now require food assistance.


Political scientist, Eldred Masunungure, of the University of Zimbabwe said of the situation:


"Nothing points to stability, but I don't want to overstate this because we have reached this crossroads many times before and the country has not collapsed. The default position in the country is one of instability. It appears like the new normal."


The Zimbabwean economy is expected to contract by 10% this year according to the World Bank, however this is in line with contractions also expected in the developed Western nations.

COMMENTS

Name

Activism,1274,Art,729,BLM,22,Consciousness,1544,CoVid-19,95,Cures,227,Do it Yourself,111,Documentaries,70,Environment,1226,Health,670,History,395,Human Intelligence,550,Inspirations,2,Inspiring Stories,3961,Justice,503,Mental Health,4,News,328,Nutrition,217,Philosophy,308,Photography,1573,Quantum Physics,29,Quizzes & Tests,145,Quotes,113,Relationships,780,Science,983,Self Improvement,835,Spirituality,248,Sustainability,238,Technology,425,Truth,754,
ltr
item
Thinking Humanity: Zimbabwe Enters Another Economic Crisis As Inflation Soars And Goods Become Scarce; On The Streets Of Harare, Talk Of New Coup Is Increasing
Zimbabwe Enters Another Economic Crisis As Inflation Soars And Goods Become Scarce; On The Streets Of Harare, Talk Of New Coup Is Increasing
The African nation of Zimbabwe is facing its worst economic crisis in over a decade with another rise in inflation, a deepening of already high poverty levels and scarcities of basic goods, all while the value of the Zimbabwean dollar continues to plummet. Official annual inflation rose by 785.6% in April. Last week alone the price of fuel soared by around 152 per cent. Strikes against fuel prices last year result in protests and the deaths of as many as 17 people. Both political uncertainty and the CoVid-19 pandemic are being blamed for the recent return to bad form.
https://4.bp.blogspot.com/-svn3-qRRqzc/XvyqntxjP4I/AAAAAAAAAzI/MnZLpJRqRaABOrzQHAWy-cKoBDSLrn4vACNcBGAsYHQ/s1600/Zimbabwe%2BEnters%2BAnother%2BEconomic%2BCrisis%2BAs%2BInflation%2BSoars%2BAnd%2BGoods%2BBecome%2BScarce%253B%2BOn%2BThe%2BStreets%2BOf%2BHarare%252C%2BTalk%2BOf%2BNew%2BCoup%2BIs%2BIncreasing..webp
https://4.bp.blogspot.com/-svn3-qRRqzc/XvyqntxjP4I/AAAAAAAAAzI/MnZLpJRqRaABOrzQHAWy-cKoBDSLrn4vACNcBGAsYHQ/s72-c/Zimbabwe%2BEnters%2BAnother%2BEconomic%2BCrisis%2BAs%2BInflation%2BSoars%2BAnd%2BGoods%2BBecome%2BScarce%253B%2BOn%2BThe%2BStreets%2BOf%2BHarare%252C%2BTalk%2BOf%2BNew%2BCoup%2BIs%2BIncreasing..webp
Thinking Humanity
https://www.thinkinghumanity.com/2020/07/zimbabwe-enters-another-economic-crisis-as-inflation-soars-and-goods-become-scarce-on-streets-of-harare-talk-of-new-coup-is-increasing.html
https://www.thinkinghumanity.com/
https://www.thinkinghumanity.com/
https://www.thinkinghumanity.com/2020/07/zimbabwe-enters-another-economic-crisis-as-inflation-soars-and-goods-become-scarce-on-streets-of-harare-talk-of-new-coup-is-increasing.html
true
7064777598104498166
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy