Economic Management in a Hyperinflationary Environment: The by George Kararach, Raphael O. Otieno

By George Kararach, Raphael O. Otieno

This quantity presents an available and up to date account of the problems that the Zimbabwean economic climate and its inhabitants skilled through the hindrance which peaked in 2008. It info the anguish and chaos that happened the rustic with dramatic socio-economic effects on progress, macroeconomic balance, provider supply, livelihoods, and improvement. the amount seeks to supply a political financial system research of management and fiscal administration in constructing economies in keeping with Zimbabwe's adventure. It examines the triggers of the quandary, and the adverse effect on effective sectors similar to production and agriculture, social sectors reminiscent of schooling and health and wellbeing, and on monetary providers. the quantity could be of curiosity to scholars of coverage and monetary administration, in addition to to govt departments, significant banks in constructing nations, improvement corporations, donors, and NGOs.

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5 C O S T L Y P O L I T I C A L A N D PO L I C Y D E C I S I O N S Zimbabwe has had a chequered record on policy implementation since independence. The country is highly endowed with natural resources, including minerals such as platinum, gold, coal, iron ore, and asbestos, but its capacity to leverage on such resources to transform the economy has been eroded by the pursuit of policies that have not been supportive enough of the economic transformation agenda. Industrial capacity remained greatly underutilized and the agriculture sector could have performed much better.

7 per cent of GDP in 2001. 2 is that the country’s budget deficit was both highly volatile and unsustainable over the review period. Fiscal expenditure overruns were largely responsible for the budget deficits and were due to a combination of factors, including increases in civil service wages and 28 Arnold M. 3 Government Expenditure (% of GDP) salaries, high spending on social services, drought relief, subsidies, and parastatal losses that increased rapidly during the review period. Subsidizing state-owned marketing enterprises eroded incentives to become efficient and created a culture of dependence on government hand-outs.

Furthermore, subsidized credit created inefficiencies and reliance on government support, especially by the parastatals (ADB, 1997; Chidakwa, 1998a). 3). In some years, such as 1998, there was virtually no capital expenditure, implying lack of growth stimulating spending from government. 4 Debt Financing Of the government recurrent obligations, wages and salaries, interest on debt and transfer payments accounted for more than 90 per cent. This is due to the size of the public service and consequently its associated unsustainable wage bill.

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