Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse wildlife, much of it within parks, reserves and safari areas. On the Zambezi River, Victoria Falls make a thundering 108m drop into narrow Batoka Gorge, where there’s white-water rafting and bungee-jumping. Downstream are Matusadona and Mana Pools national parks, home to hippos, rhinos and birdlife.
Before the COVID–19 pandemic, Zimbabwe’s economy was already in recession, contracting by 6.0% in 2019. Output fell because of economic instability and the removal of subsidies on maize meal, fuel, and electricity prices; suppressed foreign exchange earnings; and excessive money creation. The onset of the COVID–19 pandemic and continued drought led to 10% contraction in real GDP in 2020. Inflation soared, averaging 622.8% in 2020, up from 226.9% in 2019. Foreign exchange reforms were instituted in June 2020, which dampened an inflation that raged an annual rate of 838% in July.
Tuscany Office Park, Ground Floor, Building XI, 6 Coombe Place, Rivonia, 2128, Johannesburg South AFrica
The latest SADC Business Council news, articles, and resources, sent straight to your inbox every month.