Emmerson Mnangagwa has a colossal job and very little time to get it done
The task of turning around Zimbabwe's economy will be a tough one as the extent of the ruin runs deep and there is no quick fix. The economy is an empty shell after nearly two decades of former president Robert Mugabe's ruinous economic policies. Land invasions in 2000 disrupted agricultural production and the takeover of controlling stakes in foreign-owned companies under the indigenisation law resulted in an exodus of foreign investors. A severe US dollar shortage is now in its second year and inflation is on the rise - at 2.97% in November from 0.7% last January, according to central bank figures. A World Investment Report in 2016 ranked Zimbabwe lower than Mozambique, which has emerged in the past decade from civil war and natural disasters, in attracting foreign direct investment. In 2016, Zimbabwe attracted foreign direct investment of $319-million in contrast with Mozambique's $3-billion. The lowly ranking of Zimbabwe is despite the immense advantages the country has over oth...
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