Zim economy ranked among Africa’s worst

ZIMBABWE has been ranked as one of the least developing African countries in a report that lists South Africa and Namibia as the most prosperous countries in southern Africa.

Source: Zim economy ranked among Africa’s worst – NewsDay Zimbabwe June 20, 2016

BY Everson Mushava

A 2016 Africa Prosperity Report released last week by United Kingdom-based think tank, Legatum Institute, said Zimbabwe and Angola were the only two countries with stagnant economic growth in the region.

The report, based on 38 countries, ranked South Africa, Botswana, Morocco, Namibia, Algeria, Tunisia, Senegal, Rwanda, Ghana and Burkina Faso, as the most developing nations.

The bottom rung comprises of the Central African Republic, Chad, Burundi, Democratic Republic of Congo, Zimbabwe, Sudan, Angola, Liberia, Guinea and Togo.

The report was based on several indicators that include the economy, education, health, safety and security, governance, entrepreneurship, personal freedoms and social capital.

Rwanda has been identified as the most improved country since 2009, rising 10 rungs, while Tanzania was found to be the least improved country since 2009, falling five rungs down the ladder.

“As seen across the world, the biggest prosperity is seen in monolithic, commodity dependent economies. In Sub-Saharan Africa, oil-heavy economies Angola, Nigeria, Congo, and Sudan are noted for their large prosperity deposits,” part of the report reads.

“As falling commodity prices hit growth forecasts across the continent, this year’s report considers the legacy of prosperity delivery in Africa given a decade of strong growth. Sub-Saharan Africa itself has made significant progress on prosperity, particularly in health and opportunity, but has still been outpaced in translating wealth into prosperity by both developing Asia and Europe. Given the low hanging fruit still available in Africa, that more rapid gains have not been made is surprising,”

The report, however, was optimistic about Africa’s growth.

“Despite the fact we find that Sub-Saharan Africa has been outpaced by other parts of the developing world, our findings are optimistic about the potential for future prosperity gains, despite a more challenging economic climate.”