A Report On The Zimbabwean Economy Essay - 1753 Words

INTRODUCTION The Zimbabwean economy is nose diving and experiencing huge cash shortages of the currency in circulation ,this is being seen as the banks are now rationing the payments, giving each individual about $100 per day and sometimes less or no cash , also money is now not easily accessible from mobile bankers like eco-cash, telecash and one wallet, this is being caused by the imports which are outweighing the exports and among these imports there is the importation of second hand cars which is seen to have dominated the imports of Zimbabwe. In 2013 between January and November the Zimbabweans imported about 206 519 cars worth over $606 million (ZIMSTATS,The Herald 23 April 2014).Thus the importation of second hand vehicles is worsening the trade deficit that is already unfavorable as in 2013 the budget deficit stood at $3billion(ZIMSTAT). Willowvale Mazda Motor Industry’s production slumped from 18 000 vehicles per year in 1997 to below 4 000 vehicles and stopped producing in 2012 (Zimbabwe Independent 22 May 2015),this was mainly due to the importation of second hand vehicles by the Zimbabweans as they were less costly and complied with their budgets, the other players such as Quest motors and Croco motors in the automobile sector are being affected in the same manner leading to unemployment due to low capacity utilization in these companies as the demand new vehicles was estimated to be 25 000(Zimbabwe Independent 22 May 2015). 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