- Category: Stories
- Published on Friday, 14 January 2011 10:20
- Written by Charles Rukuni
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Zimbabwe has been ranked as the country with the least economic freedom in sub-Saharan Africa and only beats North Korea as the worst in the world, according to the right-wing Heritage Foundation’s 2011 Index of Economic Freedom which has just been released.
Forty-six countries from sub-Saharan Africa were included in the survey and a total of 179 countries are ranked world-wide. Trouble spots, Afghanistan, Iraq and Sudan were not ranked.
Zimbabwe’s neighbour Botswana was ranked at 40. South Africa stood at 74 and Namibia at 73.
According to the report, the Zimbabwean economy is characterised by instability and volatility, both hallmarks of excessive government interference and mismanagement of the economy.
“The country’s fragile economic infrastructure has further crumbled under a tyrannical and oppressive regime,” the report says.
Although it says data was compiled in September 2010 and the report uses data for 2009 unless noted, the report talks of inflation averaging 300 percent between 2007 and 2009.
The report does not seem to recognise the progress made by the inclusive government even in its first year and still talks of government control of the financial system and says the formal labour market is not functioning due to the government’s failed economic policies and continuing control.
Interestingly the report says the country attained its independence in 1965 with the minority white government agreeing to majority rule in 1980.