The World Bank has downgraded Zimbabwe to a low-income economy a few months after it had upgraded Zim to a lower-middle-income economy.
The development comes as a direct jab to the President Emmerson Mnangagwa led administration which aims to upgrade the economy to a middle-income economy by 2030.
The economy has been on the downward spiral since Mnangagwa took power in 2017 from his predecessor and mentor, the late Robert Mugabe.
Zimbabwe now has an inflationary economy due to a number of issues including but not limited to the scarcity of foreign currency, fuel, electricity, the collapse of the local industry and drought.
The World Bank recently indicated that the number of Zimbabweans living in extreme poverty increased with a significant percentage as the standards of living further deteriorated.
Authorities have over the past 24 months introduced a raft of measures meant to kickstart the ailing economy but so far results are disappointing with analysts suggesting that the country re-dollarise to crush the inflation and ensure growth.
Prospects of re-dollarising are however slim after Finance Minister, Professor Mthuli Ncube on 24 June this year through Statutory Instrument 142 of 2019 reintroduced the Zimbabwe dollar and outlawed the use of all foreign currencies for domestic transactions.
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