Zimbabwe Budget predicts inflation of 700%

Zimbabwe's finance minister on Thursday predicted the Southern African country's economic crisis will deepen next year, with inflation hitting 700% and the economy continuing to shrink.

Presenting his 2004 Budget in Parliament, Finance Minister Herbert Murerwa admitted the country has gone through "severe economic hardships" this year and projected that the economy will contract by another 13,2% in the six weeks before the end of the year.

Meanwhile, a two-day strike called by the country's main labour union over the deteriorating economic situation failed to take off, two days after police had quashed an attempt to stage anti-government protests around the Southern African nation.

The Zimbabwe Congress of Trade Unions (ZCTU) had called for a mass job stayaway on Thursday and Friday in protest at the arrests of scores of labour and civic activists during the demonstrations earlier this week.

http://www.mg.co.za/Content/l3.asp?ao=23843