Mnangagwa Corrupt, Incompetent, Top Economist Declares – Eduzim News

By A Correspondent

Zimbabwe’s inflation rate has hit a staggering 1027% per year, making it the highest in the world, according to renowned American economic analyst Professor Steve Hanke.

In a post shared on his X (formerly Twitter) handle, Professor Hanke sharply criticized President Emmerson Mnangagwa’s leadership, linking the country’s economic woes to his policies.

“Today, I measure Zimbabwe’s inflation at 1027%/yr. This is the WORLD’S HIGHEST INFLATION RATE,” Hanke wrote. “PRES. MNANGAGWA = ARROGANT, CORRUPT, & INCOMPETENT.”

Hanke, who is a professor of applied economics at Johns Hopkins University, has long been vocal about the economic mismanagement in Zimbabwe.

His latest remarks come amid a spiraling economic crisis that has seen the country struggle with skyrocketing inflation, unemployment, and a collapsing currency.

The inflation rate is measured using the Consumer Price Index (CPI), which tracks the price changes of a broad range of goods and services. Hanke’s report points to the severe economic instability resulting from a combination of factors, including over-expansionary fiscal policies that have flooded the economy with excessive money supply.

“The strong link between fiscal deficit and money growth in Zimbabwe, especially since 1997, suggests that over-expansionary fiscal policy is often at the heart of the hyperinflationary trend in the country,” said Hanke.

He further explained that high fiscal deficits lead to rapid money growth, which in turn fuels hyperinflation.

Zimbabwe’s economic crisis can be traced back to policies that have exacerbated the country’s debt and deficit, leading to a vicious cycle of devaluation and price hikes.

Despite these dire economic conditions, President Mnangagwa’s government has failed to take significant corrective measures, according to Hanke and other critics.

Professor Hanke’s criticism of Mnangagwa’s leadership is not new.

He has repeatedly accused the Zimbabwean president of being incapable of addressing the underlying causes of the country’s economic collapse, blaming corruption and poor governance for the nation’s ongoing struggles.

“The government’s failure to tackle the root causes of inflation and economic mismanagement is the primary reason why Zimbabwe remains mired in crisis,” Hanke concluded, urging for urgent reforms and a focus on sound fiscal policy to avert further economic decline.

As inflation continues to devastate Zimbabwe’s economy, the international community, including economists like Hanke, continues to voice concern over the regime’s ability to steer the country toward recovery. The call for change has grown louder, with many now questioning the competence and integrity of the leadership.

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