Zimbabwe has the worst property rights protection and contract enforcement: World Bank
Th World Bank has released a report which states that Zimbabwe has the lowest commitment when it comes to honouring property rights and contract enforcement. The report, titled World Development Report: Governance and the Law also says that Zimbabwe has a high shadow economy compared to other countries in the world.
According to the World Bank, a shadow economy is one where production of goods and services are deliberately hidden from the authorities in order to avoid paying costs such as taxes, social security contributions, administrative procedure fees and labour standards.
The report also notes that good policies are difficult to introduce and implement because groups who would be thriving in the current situation may be powerful enough to delay or oppose the reforms. Says the report
Decision makers – the elite – may have the right objectives and yet still be unable to implement the right policies because doing so would challenge the existing equilibrium – and the current balance of power.
In Zimbabwe, Zim-Asset is yet to meet its goals.
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