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Publication Details

Reference
Bond, Patrick (2007) What today’s looting of Africa tells us about tomorrow’s looting of Zimbabwe. A New Zimbabwe Lecture for the Zimbabwe Research Foundation : 1-10.

Summary
Pinpointing Zimbabwe’s economic crisis

When did Zimbabwe’s apparently endless economic downturn actually begin? Here are some answers:

  • February 2000 when Robert Mugabe began authorising land invasions;


  • November 1997 when ‘Black Friday’ decimated the currency’s value (by 74% in four hours);


  • the prior months when war vets were given pensions and Zimbabwe put troops into the Democratic Republic of the Congo to back the Kabila regime and secure investment sites;


  • September 1991 when the stock market crashed once interest rates were raised to high real levels at the outset of the Economic Structural Adjustment Programme (Esap);


  • the early 1980s, not long after Mugabe took power; or


  • around 1974, when per capita Gross Domestic Product began a fall which has not yet reversed itself.


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