Zimbabwe counts economic impact of Covid-19

Zimbabwe’s economy has taken a pounding during the pandemic, with Zimbabwe registering 34 confirmed cases, five deaths and nine recoveries by Friday morning. Economists, however, have warned that worse fortunes await the economy after the pandemic, with demand projected to remain suppressed amid concerns that companies would start laying off workers as they rationalised and restrategised for lost earnings during the lockdown, which was instituted at the end of last month.

“Price controls will worsen and result in commodity shortages if they are enforced,” said an economist at a Zimbabwe bank. However, according to Chiedza Madzima, head of operational risk at Fitch Solutions, the World Bank’s facility, which “works out to under $0.50 per capita”, was not sufficient to lift Zimbabwe out of its economic mess as worsened by Covid-19.

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