This clueless government will fumble and tumble for six months and there will hardly be any economy to talk about after that. At most, it will take 12 months before we get stuck at the bottom of the economic trough and it will be very, very difficult to pull out,” he said. “Those running the economy now lack competence. They don’t have a single idea on how to fix fiscal issues and they are employing feja feja (street gambling) tactics because they don’t have the sense of doing it properly. The current economy is couched in residues of the GNU,” Biti said. He said government would soon fail to pay civil service salaries and shop shelves would become empty as most of the surviving industries closed down and pushed up unemployment – currently independently estimated at more than 80 percent. The former finance minister bemoaned the increasing shrinkage of the economy. “We are now in an economic depression and have graduated from a recession. When an economy recedes for more than two successive quarters, it gets into a depression. This is what we have seen happening in the post-2013 election period,” said Biti.
Posted on: Sat, 27 Sep 2014 21:22:17 +0000
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