One puzzle of the world economy is that for 200 years, the world’s rich countries grew faster than poorer countries, a process aptly described by Lant Pritchett as “Divergence, Big Time.” When Adam Smith wrote The Wealth of Nations in 1776, per capita income in the world’s richest country – probably the Netherlands – was about four times that of the poorest countries.
“Unfounded reports and speculation on the re-introduction of the local currency continue to undermine the government’s effort to restore confidence and macroeconomic stability,” Finance Minister Patrick Chinamasa said as he tried to reassure his audience that the Zimbabwe dollar was not coming back.
Zimbabwe’s biggest platinum miner, Zimplats, has closed down its Bimha Mine, the largest of its four mines, to safeguard its employees and equipment following an underground collapse of the mine last month, the company’s chief executive Alex Mhembere said today.
Deputy Foreign Affairs Minister Christopher Mutsvangwa is in trouble over his remarks about Vice-President Joice Mujuru and Presidential Affairs Minister Didymus Mutasa at the weekend in an interview with The Herald.
The criminal case in which two former Air Zimbabwe officials, former company secretary Grace Pfumbidzayi and former Chief Executive Officer Peter Chikumba, are accused of defrauding the national airline of €5 175 593 and US$502 748 through an insurance scam, is politically motivated and is aimed at denying Chikumba his terminal benefits, the former Air Zimbabwe boss said yesterday.