chief of mission: Ambassador James D. MCGEE embassy: 172 Herbert Chitepo Avenue, Harare mailing address: P. O. Box 3340, Harare telephone: [263] (4) 250-593 and 250-594 FAX: [263] (4) 796-488, or 722-618
Flag description:
seven equal horizontal bands of green, yellow, red, black, red, yellow, and green with a white isosceles triangle edged in black with its base on the hoist side; a yellow Zimbabwe bird representing the long history of the country is superimposed on a red five-pointed star in the center of the triangle, which symbolizes peace; green symbolizes agriculture, yellow - mineral wealth, red - blood shed to achieve independence, and black stands for the native people
Economy
Zimbabwe
Economy - overview:
The government of Zimbabwe faces a wide variety of difficult economic problems as it struggles with an unsustainable fiscal deficit, an overvalued official exchange rate, hyperinflation, and bare store shelves. Its 1998-2002 involvement in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy. The government's land reform program, characterized by chaos and violence, has badly damaged the commercial farming sector, the traditional source of exports and foreign exchange and the provider of 400,000 jobs, turning Zimbabwe into a net importer of food products. The EU and the US provide food aid on humanitarian grounds. Badly needed support from the IMF has been suspended because of the government's arrears on past loans and the government's unwillingness to enact reforms that would stabilize the economy. The Reserve Bank of Zimbabwe routinely prints money to fund the budget deficit, causing the official annual inflation rate to rise from 32% in 1998, to 133% in 2004, 585% in 2005, passed 1000% in 2006, and 26000% in November 2007. Private sector estimates of inflation in 2007 are well above 100,000%. Meanwhile, the official exchange rate fell from approximately 1 (revalued) Zimbabwean dollar per US dollar in 2003 to 30,000 per US dollar in 2007.
GDP (purchasing power parity):
$2.342 billion (2007 est.)
GDP (official exchange rate):
$641 million note: hyperinflation and the plunging value of the Zimbabwean dollar makes Zimbabwe's GDP at the official exchange rate a highly inaccurate statistic (2007 est.)