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News Link • Economy - International

Economic Collapse Imminent: Zimbabwe At 'Tipping Point' With 'Wheels Coming Off'

• https://www.zerohedge.com, by Tyler Durden

Zimbabwe's economic situation will continue to sour in 2H19 due to unfavorable weather conditions, foreign currency shortages and widespread power cuts, its finance minister said, as he responded to a deteriorating economic outlook by blacking out inflation statistics through the second half, and finally acknowledged what the International Monetary Fund told him in April: economic turmoil ahead.

Prices of essential goods and services have, in some cases, quadrupled this summer, due to the government renaming the RTGS currency as the Zimbabwe dollar, which has been on a rapid decline amid shortages, including electrical power, petrol products, American dollars, and food, reported Bloomberg.

Many Zimbabweans who supported the toppling of decades-long ruler Robert Mugabe two years ago are discovering that their economic situation is the most serious in a decade.

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