UNITED States economist and currency expert Steve Hanke has said President Emmerson Mnangagwa is no better than his predecessor, the late Robert Mugabe.
Hanke who has constantly criticized Mnangagwa’s administration said Zimbabwe is in its third episode of hyperinflation in 15 years.
Mugabe was ousted in November 2017 in a military-backed coup that installed his deputy, Mnangagwa.
“In Zimbabwe, the more things change, the more they stay the same. It is as if President Emmerson Mnangagwa is Mugabe’s clone.
“Economy mismanagement and political corruption continue to rule the day. According to my measurements, Zimbabwe is in its third episode of hyperinflation in 15 years.
According to Hanke, as of June 2023, Zimbabwe’s inflation was at a whopping 1298% per year many times higher than it was when Mugabe left office.
However, the Zimbabwe National Statistics Agency (ZIMSTAT) said the year-on-year inflation rate for the month of June was 175, 8%.
The national statistics body measures inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Zimbabwe’s economy is currently on a decline, inflation is galloping towards 2008 rates, salaries have remained stagnant and basics are now beyond consumers’ reach.
The nation’s currency is dramatically falling by the day, prices of basic commodities rising and businesses demanding USD for goods and services.
According to figures from the World Bank, half of Zimbabwe’s estimated 16 million people live in extreme poverty on $30 or less monthly.
Source NewZimbabwe
