This archive report was first published on 2 August 2019.
On August 1, 2019, Zimbabwe's Finance Minister Mthuli Ncube revealed that the country's economy was expected to contract in 2019 due to a severe drought and power cuts.
The initial forecast had predicted a 3.1 percent growth in 2019, but the current situation has led to a significant downturn. Ncube also announced that the publication of year-on-year inflation would be deferred until February 2020, following the adoption of a new currency in June.
Prices of basic goods and services have more than doubled since June, putting immense pressure on citizens struggling with shortages. This has stirred memories of economic chaos a decade ago, when rampant money-printing fueled hyperinflation and forced the country to abandon its currency in 2009.
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