President Emmerson Mnangagwa: Zimbabwe's embattled economy is 'dead'

President Emmerson Mnangagwa: Zimbabwe's embattled economy is 'dead'

- President Emmerson Mnangagwa says that Zimbabwe's economy is 'dead'

- Mnangagwa pleaded for more time to turn the dire situation around

- This comes at a time when the African nation's inflation rate is the highest in the world

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President Emmerson Mnangagwa has described his country's economy as simply 'dead'. reported that Zimbabwe's inflation rate hit 300% recently, the highest worldwide.

BusinessLIVE reports that the nation is facing 18-hour power outages and a crippling cash crisis.

Speaking during his State of the Nation Address, Mnangagwa said he was aware of the challenges facing his country, but was adamant that there was no quick fix for the situation:

"I'm aware of the pain being experienced by the poor and the marginalised. Getting the economy working again from being dead will require time, patience, unity of purpose and perseverance."

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READ ALSO: Zimbabwe's inflation hits 300%: Suffering from highest rate in world

Mnangagwa is concerned over what he dubbed the emergence of cartels that are killing competition and hiking prices:

"While government will not revert to price controls, we are nonetheless in the process of reviewing the Competition Act in order to introduce deterrent penalties to combat such business malpractices."

The president's address had been boycotted by the Movement for Democratic Change, the leading opposition party in Zimbabwe, reports The Sowetan.

Hopes that Mnangagwa would be able to turn the nation's economy around after Robert Mugabe was ousted in 2017 have quickly faded as fuel shortages and soaring prices abound.

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