ZIMBABWE has lost a staggering US$96 billion in economic value due to economic misrule in the 12 years to 2012, a global research firm has said.
BY OUR STAFF
The Centre for Global Development said the economy took a tumble in 2000 after President Robert Mugabe’s government embarked on the fast track land reform programme.
It said just as the rest of Africa started booming, Zimbabwe’s economy contracted.
It said if the Zimbabwean economy had grown at Zambia’s growth rate of 5,3%, Gross Domestic Product (GDP) would have reached US$20 billion.
“Instead of plunging by roughly half, Zimbabwe’s real GDP would have doubled. GDP per person would have been more than US$11 000, instead of less than US$500,” it said.
“And the implied cumulative loss of economic value over these 12 years: US$96 billion.”