This was followed by the Framework for Economic Reform between 1991 and 1995, which involved further cuts in state subsidies for publicly owned companies and privatisation. In 1998, the government launched its second stage of the Structural Adjustment Programme, known as the Zimbabwe Programme for Economic and Social Transformation (ZIMPREST): the budget deficit was to be reduced to under five per cent of GDP.
The effects of all this were dramatic. From 1991 onwards the Zimbabwean dollar has been devalued massively. The lifting of protectionist measures opened up the home market to cheaper imports. This resulted in the closing down of many local industries leading to massive redundancies and rising unemployment, which reached 60% by 2003 and now it is estimated that it stands at 80%! Manufacturing productivity fell by 11.9% and in the mining sector by 4% in 2001. In the ten-year period, 1991-2001 GDP declined, ending up with a real decline in GDP of 11.5%.
The collapse of the real economy was accompanied by rampant inflation. In 2001 it went over 100 per cent. Since then inflation went up to 585% in 2005 and last November it stood at 26,000%. These are the official figures; private sector estimates put it at 100,000%!
Ну structural adjustment сегодня все же не столь актуален. С 1999 г. МВФ прекратил сотрудничество с Зимбабве, зато США начали финансировать MDC :-)) Хотя, конечно, та разруха, которую оставили эти реформы, не может не влиять на нынешнее положение.
This was followed by the Framework for Economic Reform between 1991 and 1995, which involved further cuts in state subsidies for publicly owned companies and privatisation. In 1998, the government launched its second stage of the Structural Adjustment Programme, known as the Zimbabwe Programme for Economic and Social Transformation (ZIMPREST): the budget deficit was to be reduced to under five per cent of GDP.
The effects of all this were dramatic. From 1991 onwards the Zimbabwean dollar has been devalued massively. The lifting of protectionist measures opened up the home market to cheaper imports. This resulted in the closing down of many local industries leading to massive redundancies and rising unemployment, which reached 60% by 2003 and now it is estimated that it stands at 80%! Manufacturing productivity fell by 11.9% and in the mining sector by 4% in 2001. In the ten-year period, 1991-2001 GDP declined, ending up with a real decline in GDP of 11.5%.
The collapse of the real economy was accompanied by rampant inflation. In 2001 it went over 100 per cent. Since then inflation went up to 585% in 2005 and last November it stood at 26,000%. These are the official figures; private sector estimates put it at 100,000%!
http://www.marxist.com/which-way-out-zimbabwean-nightmare.htm
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