Zimbabwe's economy to contract in 2019 : The Standard

• Reuters 02nd Aug 2019 12:55:00 GMT +0300

Zimbabwe’s economy is expected to contract this year due to a drought and severe power cuts, Finance Minister Mthuli Ncube said on Thursday, without providing a figure. The country had initially forecast the economy to grow 3.1 percent in 2019. Ncube also said Zimbabwe would defer publication of year-on-year inflation until February 2020 following the adoption of a new currency in June. Prices of basic goods and services have more than doubled since June, piling pressure on citizens struggling with shortages. That has stirred memories of economic chaos a decade ago, when rampant money-printing fuelled hyperinflation and forced the country to abandon its currency in 2009.

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